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Metropolitan Realty Deploys New Fund Aimed at Long Island Industrial
Metropolitan Realty Associates LLC (MRA) has raised $50 million of equity for a strategic investment fund focused on Long Island industrial assets. In its first acquisition, the fund acquired 5 Inez Dr., a single-story industrial asset located in the Suffolk County community of Bayshore, NY.
The 5 Inez acquisition was made with MRA’s longtime equity partner, Angelo, Gordon & Co. A 94,000-square-foot warehouse, the property is currently occupied by tenant Ruby Has, a national logistics and fulfilment company, through April 2025 at a significantly below-market rent.
“The dynamic growth of last-mile delivery and e-commerce is expanding exponentially across Long Island,” said MRA CEO Joseph Farkas. “Contributing to this trend is a population density that skews towards higher income demographics and greater purchasing power by customers requiring abundant and efficient delivery services. As a result, quality warehouse buildings in convenient locations are in high tenant demand to meet their customers’ needs.”
- ◦Sale/Acquisition
