New York-based real estate development firm Triangle Equities has secured $50 million in pre-development financing for a new multi-story logistics facility in College Point, Queens. The loan was arranged by JLL Capital Markets and provided by Centennial Bank. This financing marks an important step toward the development of the planned 425,000-square-foot industrial site located at 30-02 Whitestone Expressway.
The 9.76-acre site has been positioned as one of the most centrally located distribution sites in New York City. Its proximity to major roadways such as the Whitestone Expressway, Grand Central Parkway, and Whitestone Bridge offers ease of connectivity to Manhattan, Bronx, Brooklyn, Westchester County, and Long Island. Additionally, the site benefits from access to public transportation and is close to both LaGuardia and John F. Kennedy International Airports.
The JLL Capital Markets team, led by Geoff Goldstein, Rob Hinckley, and Tyler Peck, facilitated the financing. The planned facility is expected to capitalize on the growing demand for modern logistics facilities in the New York area.
“As the owners and operators of this property for more than 25 years, we are extremely excited to be working with the outstanding teams at Centennial Bank and JLL to finance its redevelopment into a purpose-built, best-in-class facility,” said Evan Petracca, chief operating officer of Triangle Equities. “This reimagined project will take advantage of the site’s scale and convenient location to provide renewed economic development in College Point and serve the wider area for decades to come.”
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I was wondering when something would happen to this property. The two retail tenants on the ground level, Party City and Toys R Us both closed. A multiplex theater occupies the second floor. This will leave only a single theater in Flushing. For many years, this was the site of Adventurer’s Inn, an amusement park and game arcade.
Adjacent to the surrounding transportation routes, this reason is very appropriate at logistics. CONVENIENCE! Thanks.