Wildflower Lands $48M Refi for Queens Facility
Barings provided the loan for the 116,725-square-foot industrial property.
Wildflower has received a $48.1 million loan for the refinancing of JFK Conduit Logistics Center, a 116,725-square-foot industrial facility in New York City’s Queens borough.

Barings provided the loan to refinance the existing loan on the property, marking the global investment management firm’s second deal with Wildflower. The previous debt included a $35.5 million construction loan issued by Santander Bank in 2022, according to CommercialEdge data.
JLL’s Senior Managing Director Peter Rotchford, Senior Director Nicco Lupo and Director Clayton Ross brokered the deal.
JFK Conduit Logistics Center encompasses 61,425 square feet of warehouse space and a 55,300-square-foot subterranean parking garage. Completed in 2023, the facility features 36-foot clear heights in the warehouse and above 10-foot clearance in the subterranean parking garage, four dock-high loading doors with two ramped drive-in bays, street-to-street loading and 4,000 amps of power.
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Located at 153-44 S. Conduit Ave., the industrial facility is situated in Queens’ high-demand JFK industrial submarket. The property is near the intersection of Belt Parkway and JFK Expressway, which provide strong regional connectivity.
In March, Barings also provided a $70.2 million refinancing loan to the joint venture of Trammell Crow Co. and CBRE Investment Management, for Tracy 205 Logistics Center, a recently delivered industrial building in Tracy, Calif., in San Joaquin County.
New York’s industrial scene
In the first quarter of 2025, New York City’s industrial leasing velocity increased 119.2 percent quarter-over-quarter to 880,000 square feet, according to a recent CBRE report. Demand was driven by third-party logistics providers and energy distributors looking for mid- and small-sized space.
In this first three months of the year, Queens recorded 680,000 square feet of industrial space under construction, while the vacancy rate clocked in at 5.5 percent. The overall asking rate stood at $33.7 per square foot, the same report shows.
A suburban hub just north of New York City is carving out a strong niche as one of the emerging industrial markets in the nation. White Plains recorded nine properties totaling nearly 2.7 million square feet underway at the end of December 2024, accounting for 2.9 percent of total stock, with ongoing projects focused on modern distribution centers catering to last-mile logistics demand. The metro stands out for its high property valuations, averaging $190.44 per square foot—one of the highest among emerging industrial markets.
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