$50.15 Million In Financing Secured For Two-Property Industrial Portfolio

Financing has been arranged for a two-property industrial portfolio in Maspeth, Queens. Lake Forest Bank & Trust Company, N.A. supplied the $50.15 million in debt, which JLL’s Capital Markets group arranged on behalf of Sitex Group and a diversified global investment management firm. The financing comprises a $39.4 million loan for 58-80 Borden Avenue and a $10.75 million loan for 54-12 48th Street. The portfolio spans a combined 182,511 square feet of land and is 100 percent leased, with both properties positioned near the Long Island Expressway and the Brooklyn-Queens Expressway.

58-80 Borden Avenue is a 146,583-square-foot industrial outdoor storage and low-coverage facility adjacent to the Long Island Expressway near the Maurice Avenue exit. The property includes 26,619 square feet of building space and is fully leased to a single tenant that has occupied the location since 2004 and expanded its presence in 2023 under a long-term lease. That tenant is the New York City Fire Department, which signed a 20-year lease in February 2023 for a garage and vehicle repair and maintenance facility serving fire trucks and EMS vehicles.

54-12 48th Street is a 35,928-square-foot electrified industrial outdoor storage facility fully leased to Revel, the Brooklyn-founded electric transportation company. The site now carries nearly five megawatts of power and includes 60 charging stalls, and is designed to become the largest fast-charging station in the northeast. The station is open 24 hours a day and sits just off the Long Island Expressway.

Sitex Group acquired 58-80 Borden Avenue for roughly $50 million in late 2021 from an entity owned by the Steinberg family, which operates Brooklyn-based Salem Truck Leasing and had purchased the property in 2004 for $4.5 million. The 48th Street parcel traces a shorter path: Sitex acquired the site in August 2021 for $8.2 million, and The Carlyle Group bought in later that year, paying $11.6 million through the entity CPI/SITEX 54-12 48th St Industrial Owner LLC.

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