Private equity firm Elion Partners has acquired a last-mile logistics asset in the Jamaica suburb of Queens for $58M. The 180,200-square-foot property is located at 182-20 Liberty Ave, five miles from John F. Kennedy International Airport.
The acquisition is a part of a series of acquisitions the firm has planned in key coastal logistics markets. In February, Elion Partners acquired a 207,000-square-foot last-mile logistics asset in Elizabeth, NJ, two miles from the Newark Liberty International Airport.
"This acquisition complements our portfolio well and offers ample parking not traditionally seen in this market," said James Lambert, senior managing director of Industrial Investments at Elion. "We look forward to continuing the expansion of Elion's logistics portfolio across the northeast."
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In the last year, Elion has acquired an additional $270 million in gross assets of existing last-mile industrial assets in Seattle, San Francisco, Southern California, New York, New Jersey and South Florida.
The firm's investment strategy is focused on first, middle and last-mile logistics real estate, targeting core, urban logistics hubs near large population centers in infill coastal markets. Elion owns and operates logistics assets in closed-end fund structures and permanent capital vehicles which hold an existing portfolio of last-mile logistics real estate across the US.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
