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Flushing Industrial Portfolio Sale Sets Pricing Record for Queens
RIPCO Real Estate arranged the disposition of The Flushing Industrial Portfolio, a warehouse & development assemblage in Queens, for a total combined sale price of $51 million. The price per square foot and in-place cap rate metrics on this sale both set records for an industrial portfolio transaction in the borough equating to $768 per square foot and 2.11%, respectively.
The buyer was Ever River Realty Corp and various LLCs. Acquired from Northern Collins Corp., the portfolio encompasses several lots throughout the Northeastern Flushing submarket, including 34-65-69 Collins Pl., 133-16 35th Ave., 134-07 Northern Blvd. and 132-56-30 34th Ave.
The buyer is holding for investment, with plans to use the portfolio for its own business and a potential redevelopment in the future.
RIPCO’s Stephen R. Preuss Sr. and Kevin Louie arranged the sale. Preuss also arranged $30.5 million financing from Deutsche Bank with RIPCO’s debt advisory head, Steven Sperandio.
- ◦Sale/Acquisition
