Holliday Fenoglio Fowler, L.P. (HFF) announces land acquisition and pre-development financing totaling $32.1 million for the eventual development of a three-story, state-of-the-art, 300,000-square-foot industrial project with proximity to John F. Kennedy International Airport in Queens, New York.
The HFF team worked on behalf of the developer, Triangle Equities, to arrange an initial $10.1 million investment in the form of joint venture capital with L&B Realty Advisors (L&B). L&B has additionally committed to the vertical capitalization of the project. The HFF team also placed the $19 million, floating-rate loan with Citizens Bank. Loan proceeds will be used for land acquisition and pre-development costs. The remainder of the capitalization came from Triangle Equities.
The three-story industrial facility will be constructed on a 119,000-square-foot lot located at 130-120 South Conduit Avenue in South Ozone Park and is currently operating as a surface parking facility. The lot features frontage on the Belt Parkway and is approximately one mile from JFK Airport. The property is proximate to the Port of New York and New Jersey, one of the largest natural harbors in the world and the third largest port in the U.S. The facility is expected to have first- and second-floor loading and clear heights ranging from 23 to 26 feet.
The HFF equity placement team included senior managing director Andrew Scandalios, managing directors Rob Hinckley and Rob Rizzi and associate Tyler Peck.
The HFF debt placement team consisted of senior director Geoff Goldstein.
“The property is strategically positioned to capture the insatiable demand for modern, ‘last-mile’ distribution space located in highly populated urban areas,” Hinckley said.
About Triangle Equities
Triangle Equities was established in 1986 by Lester Petracca and is a highly regarded professional, full-service, real estate development firm. Triangle’s portfolio includes substantial work in mixed-use, office, retail, residential and hotel assets throughout New York City and State. Visit http://www.triangleequities.com for more information.
About L&B Realty Advisors
L&B Realty Advisors is an employee-owned, SEC-registered real estate investment advisor. Since 1965, L&B has provided real estate investment management services to institutional investors and family offices. With $8.5 billion under management and over 50 years of experience, L&B has a proven track record of successfully acquiring, managing and disposing real estate on behalf of its clients.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $152.3 billion in assets as of December 31, 2017. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,300 ATMs and approximately 1,200 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products and asset finance. More information is available at https://www.citizensbank.com/ or visit Citizens on Twitter, LinkedIn or Facebook.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
