CBRE Arranges $146 Million Sale of Light Industrial Portfolio Situated Adjacent to JFK International Airport

CBRE today announced the completion of a $146 million sale of a portfolio of light industrial properties located adjacent JFK International Airport. A partnership of Onyx Acquisition IV, LLC and Starwood purchased the assets from the respective LLC’s controlled by the Elias family.

CBRE’s Brian Fiumara and Martin Lomazow led the transaction, which included team members Philip Heilpern, Matt Manoogian, Paul Leone, Doug Middleton, Michael Hines, Brad Ruppel, Bo Cashman, Jonathan Beard, Joe Hill and Lauren Dawicki and represented the seller in the negotiations. Allan Elias is the executive who represented the family interests.

“The portfolio provides Onyx/Starwood with a critical mass of highly efficient light industrial product with significant value-add in a NYC area boasting unrivaled accessibility to consumers, infrastructure and labor,” said Mr. Fiumara. “This transaction speaks to the strength of the market for well-located, high-quality industrial assets.”

Ideally situated on 18.38 acres in the heart of Queens, NY and adjacent to JFK International Airport, the portfolio is comprised of 10 buildings totaling 500,708 sq. ft. The properties include 95 Inip Drive, 90 Inip Drive, 71 Inip Drive, 55 Inip Drive, 41 Inip Drive, 100 Inip Drive, 40 Inip Drive, 475 Doughty Boulevard, and 447-453 Doughty Boulevard.

“This is the first time in 50 years this dynamic, enduringly functional light industrial portfolio has been on the market offering a rather unique opportunity for the buyer,” added Mr. Lomazow.