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QUEENS, NY—There's a new warehouse coming to Queens.

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Township Capital Inc., along with partners Triangle EquitiesDevelopment Co. and L&B Realty Advisors LLP, are planning tobuild an enormous warehouse near John F. Kennedy Airport here.

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The cargo warehouse and storage facility, to be named "TerminalLogistics Center," will be 300,000 square feet and five storieshigh. It will have 29 dock loading positions and truck courts onthe bottom two floors. Those courts will be able to accommodatetractor trailers spanning 53 feet. The top three floors will bestorage space. The facility will have easy access to cargo areaswith a back-door route leading in and out of JFK.

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Triangle Equities secured an $87 million construction loan fromCommercial Investment Trust, according to The Real Deal. TownshipCapital and L&B Realty Advisors have provided $27 million inequity capital and $14.25 million in equity financing for theproject. Total capitalization for the warehouse is $129million.

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Triangle Equities bought the site with Township Capital in 2018for $25.4 million, along with an undisclosed pension-fund partner.The real estate development firm submitted plans for the warehousewith the Economic Development Corporation in 2017. Plans for theproject were filed with the Department of Buildings the followingyear.

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"We were pleased to work with Triangle Equities to develop thefinancing for this exciting project," said Chris Neiderpruem,managing director and group head for CIT's real estate financebusiness, in prepared remarks. "The proximity of the site to aleading international airport makes it an ideal location for amodern logistics facility to efficiently manage and storecargo."

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"The maturation of the e-commerce market creates a growing needfor last-mile distribution centers," said Matthew Gorelik, founder,chairman and CEO at Township Capital, LLC. "Terminal LogisticCenter's prime location near JFK Airport and the core strength ofthe New York market, provide a tremendous opportunity for superiorrisk-adjusted returns."

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Terminal Logistics Center will be located at 130-24 SouthConduit Ave. in South Ozone Park.

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Richard Binder

Richard Binder, based in New York, is part of the social media team at ALM. He is also a 2014 recipient of the ASPBE Award for Excellence in the Humorous/Fun Department.