$78M for “Last Mile” Industrial Property

Investors paid $78 million for two adjacent industrial buildings in the Jamaica neighborhood of Queens.

“With the growing importance placed on expedient last mile delivery, today’s industrial sector tenants require proximity to population centers. The combination of the site’s ideal location on Jamaica Avenue and our planned significant capital improvements will make this an attractive choice,” said Josh Zegen, co-founder and managing principal of Madison Realty Capital, which partnered with Artemis Real Estate Partners to buy the buildings at 184-10 and 184-60 Jamaica Ave.

They plan to upgrade both buildings, which total 613,000 rentable square feet, to capitalize on the increasing demand from industrial and office/industrial (“flex”) users.

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