{"id":1004655600,"date":"2023-04-05T03:31:51","date_gmt":"2023-04-05T11:31:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004655600"},"modified":"2023-04-05T03:31:53","modified_gmt":"2023-04-05T11:31:53","slug":"goldman-sachs-jv-lands-136m-for-queens-industrial-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-jv-lands-136m-for-queens-industrial-project\/","title":{"rendered":"Goldman Sachs JV Lands $136M for Queens Industrial Project"},"content":{"rendered":"
\"\"

Rendering of Terminal Logistics Center. Image courtesy of\u00a0Triangle Equities<\/em><\/p><\/div>\n

A joint venture between Triangle Equities<\/strong> and Goldman Sachs Asset Management<\/strong>‘s Urban Investment Group<\/strong> has obtained $136 million for the recapitalization of Terminal Logistics Center, a 184,747-square-foot industrial condominium project in Jamaica, N.Y., in the Queens borough.<\/p>\n

Working on behalf of the borrower, JLL<\/strong> arranged $75 million in debt, provided by H.I.G. Realty Credit Partners<\/strong>, and $61 million in equity, supplied by the joint venture partners. The new financing replaces the initial $87 million construction loan originated by CIT Bank <\/strong>and the equity provided by\u00a0Township Capital<\/strong> together with a pension fund client advised by L&B Realty Advisors<\/strong>.<\/p>\n

The first vertical air cargo development on the East Coast<\/h2>\n

Situated in an Opportunity Zone on approximately 3 acres, Terminal Logistics Center is the first vertical air cargo development on the East Coast. Triangle Equities purchased the site<\/a> back in 2018; at the time, the project was supposed to include 300,000 square feet of space across a four-story building.<\/p>\n

The two-story development, now jointly owned by Triangle and Goldman Sachs, broke ground in 2020 and is slated for completion by the end of the second quarter in 2023.\u00a0The Class A building features 26-foot clear heights, a 50-foot column grid and a 300 pound live-load capacity, as well as 53-foot tractor trailers and 26 berths dedicated to air cargo, logistics and industrial use. The facility is fully leased by DO & CO New York Catering<\/strong>.<\/p>\n

\n

READ ALSO: <\/strong>Heightened Industrial Demand Boosts New Lease Rates<\/a><\/p>\n

\n

Located at 130-02 S. Conduit Ave. within South Ozone Park, the property is less than 2 miles from John F. Kennedy International Airport and 18 miles from the Port of New York and New Jersey. The building is close to the intersection of Van Wyck Expressway and Belt Parkway.<\/p>\n

The JLL Capital Markets Debt Advisory team included Managing Director Jeoff Goldstein and Senior Managing Director Max Herzog. Senior Managing Directors Rob Hinckley and Andrew Scandalios, Senior Director Tyler Peck and Director Nicco Lupo provided advisory services.<\/p>\n

Industrial projects underway in New York City<\/h2>\n

New York City\u2019s industrial sector registered a vacancy rate of 2.1 percent in the fourth quarter of 2022, a JLL report shows. The market had 3.6 million square feet of space under construction, with 3.1 million square feet delivered last year, a 37.7 percent increase from the previous peak in 2018.<\/p>\n

NYC\u2019s largest underway project is a 1.3 million-square-foot distribution center developed by Turnbridge Equities. The facility topped out in December<\/a> and is slated for completion in the second quarter of 2023.<\/p>\n

Another project topped out in February, this time in Long Island City, N.Y. With delivery expected in the spring of 2024, the 900,000-square-foot mixed-use development<\/a> will be home to a film and television production studio.<\/p>\n

In June, Wildflower Ltd. and Drake Real Estate Partners broke ground on another Queens project. The roughly 309,000-square-foot logistics development<\/a> is taking shape at 28-02 Whitestone Expressway in College Point, N.Y.<\/p>\n","protected":false},"excerpt":{"rendered":"

Terminal Logistics Center is the first vertical air cargo development on the East Coast.<\/p>\n","protected":false},"author":2829,"featured_media":1004209622,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21748,1600,21742,10],"tags":[51776,32796,39272],"class_list":["post-1004655600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-industrial","category-new-york","category-latest","category-northeast","tag-goldman-sachs-asset-management","tag-jll","tag-triangle-equities"],"acf":[],"yoast_head":"\nGoldman Sachs JV Lands $136M for Queens Industrial Project - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Triangle Equities and Goldman Sachs obtained $136 million for Terminal Logistics Center, an industrial development in Queens, N.Y.\" \/>\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\/goldman-sachs-jv-lands-136m-for-queens-industrial-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Goldman Sachs JV Lands $136M for Queens Industrial Project\" \/>\n<meta property=\"og:description\" content=\"Triangle Equities and Goldman Sachs obtained $136 million for Terminal Logistics Center, an industrial development in Queens, N.Y.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-jv-lands-136m-for-queens-industrial-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-05T11:31:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-05T11:31:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/130-24-S.-Conduit-Ave-2-Craft-Architects.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Madalina Pojoga\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-jv-lands-136m-for-queens-industrial-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-jv-lands-136m-for-queens-industrial-project\/\",\"name\":\"Goldman Sachs JV Lands $136M for Queens Industrial Project - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-jv-lands-136m-for-queens-industrial-project\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-jv-lands-136m-for-queens-industrial-project\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/130-24-S.-Conduit-Ave-2-Craft-Architects.png\",\"datePublished\":\"2023-04-05T11:31:51+00:00\",\"dateModified\":\"2023-04-05T11:31:53+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/7ced0369df035c845a1e5d647c62dd7a\"},\"description\":\"Triangle Equities and Goldman Sachs obtained $136 million for Terminal Logistics Center, an industrial development in Queens, N.Y.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-jv-lands-136m-for-queens-industrial-project\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-jv-lands-136m-for-queens-industrial-project\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/goldman-sachs-jv-lands-136m-for-queens-industrial-project\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/130-24-S.-Conduit-Ave-2-Craft-Architects.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/130-24-S.-Conduit-Ave-2-Craft-Architects.png\",\"width\":1000,\"height\":750,\"caption\":\"Rendering of 130-120 S. 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