{"id":1004559886,"date":"2021-12-06T05:12:23","date_gmt":"2021-12-06T13:12:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004559886"},"modified":"2022-12-09T02:13:46","modified_gmt":"2022-12-09T10:13:46","slug":"developers-land-163m-for-exurban-nyc-distribution-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/developers-land-163m-for-exurban-nyc-distribution-center\/","title":{"rendered":"New York Industrial Project Lands $163M"},"content":{"rendered":"
\"Brewster<\/a>

Brewster Distribution Center. Image courtesy of Cushman & Wakefield<\/p><\/div>\n

Lincoln Equities Group and H.I.G. Realty Partners have received $163.3 million in acquisition and construction financing from Heitman for their Brewster Distribution Center project in Putnam County, N.Y. Cushman & Wakefield was the ownership\u2019s exclusive advisor in procuring the funding.<\/p>\n

The Brewster Distribution Center is in Brewster, N.Y., about 5 miles north of Westchester County and only half a mile from I-84 and I-684. The 328-acre property reportedly has a fully approved site plan for the development of two Class A industrial facilities totaling 921,000 square feet. Construction is expected to be completed in the second quarter of 2023.<\/p>\n

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READ ALSO<\/strong>: 5 Capital Market Trends That Will Impact CRE In 2022<\/a><\/p>\n

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The site is east of the Hudson River, roughly 60 miles north-northeast of New York City. Cushman & Wakefield noted that tenants at this location can reach more than 22 million consumers within a two-hour drive.<\/p>\n

Joel Bergstein, president of Lincoln Equities Group, said in a prepared statement that Brewster Distribution Center\u2019s strategic location would offer users immediate access to each of the New York City, Westchester and Connecticut markets.<\/p>\n

A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Chuck Kohaut, TJ Sullivan and Meredith Donovan represented the borrower.<\/p>\n

Alascio noted that the debt capital markets continue to show strong interest in industrial projects for top-tier sponsors.<\/p>\n

Quiet in the country<\/h2>\n

Although northern Westchester County is the county\u2019s only submarket to see its availability rate increase quarter-over-quarter, that rate is modest and stable at just below 6 percent, according to a third-quarter report from NYC-area commercial brokerage RM Friedland.<\/p>\n

Not quite 400,000 square feet currently is available in the submarket (against a county-wide inventory of about 37.5 million square feet), noted RM Friedland, so the addition of Brewster Distribution Center\u2019s 900,000-plus square feet just north of the county line should have a substantial effect on the market.<\/p>\n

Last February, H.I.G. was the lending intermediary for Pegasus Park<\/a>, a five-building redevelopment project in Dallas, arranging a $97.6 million variable-rate loan from Axos Bank. The borrower was a joint venture of J. Small Investments and local entrepreneur Lyda Hill.<\/p>\n","protected":false},"excerpt":{"rendered":"

Lincoln Equities Group and H.I.G. Realty Partners are planning a major development north of New York City.<\/p>\n","protected":false},"author":882,"featured_media":1004559899,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,21748,1600,21742,10],"tags":[32799,34559,33276,36634],"class_list":["post-1004559886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-industrial","category-new-york","category-latest","category-northeast","tag-cushman-wakefield","tag-h-i-g-realty-partners","tag-heitman","tag-lincoln-equities-group"],"acf":[],"yoast_head":"\nNew York Industrial Project Lands $163M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Lincoln Equities Group and H.I.G. Realty Partners are planning a major development north of New York City. Lincoln Equities Group and H.I.G. Realty Partners are building a major project in Putnam County.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/developers-land-163m-for-exurban-nyc-distribution-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New York Industrial Project Lands $163M\" \/>\n<meta property=\"og:description\" content=\"Lincoln Equities Group and H.I.G. Realty Partners are planning a major development north of New York City. Lincoln Equities Group and H.I.G. 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