Two warehouses in Hollis — including one topped with an urban produce farm — have been sold for $78 million, and the new owners have big plans to update both buildings, it was announced on Thursday.
Madison Realty Capital announced that it partnered with Artemis Real Estate Partners to purchase the industrial buildings located at 184-10 and 184-60 Jamaica Ave. from Rodless Properties LLC.
The adjacent structures house a number of commercial and manufacturing tenants including Gotham Greens, which has a 60,000 square foot greenhouse atop 184-60 Jamaica Ave. Gotham Greens uses the site to hydroponically grow leafy greens for sale to restaurants and consumers throughout New York City.
As with most real estate transactions, location was a prime factor in the acquisition, according to Josh Zegen, co-founder and managing principal of Madison Realty Capital. Jamaica Avenue is one of Queens’ busiest thoroughfares, and the warehouses are about a mile from downtown Jamaica. The buildings are also within walking distance of the Hollis Long Island Rail Road station.
“With the growing importance placed on expedient last mile delivery, today’s industrial sector tenants require proximity to population centers,” Zegen said. “We believe strongly that the combination of the site’s ideal location on Jamaica Avenue and our planned significant capital improvements will make this an attractive choice to numerous warehousing, distribution and manufacturing users throughout the city.”
Both Madison Realty Capital and Artemis plan “to upgrade both buildings including enhancing the building envelope, mechanical infrastructure and elevators, and capitalize on the increasing demand” from various industrial and commercial tenants “looking for quality industrial stock within the increasingly supply-constrained NYC market.”
According to PropertyShark, the building at 184-60 Jamaica Ave. encompasses 287,240 square feet, while the structure at 184-10 Jamaica Ave. has 226,605 square feet of space. Each building is five stories tall has an assessed value in excess of $11.3 million.
The buildings also have 12 loading docks and more than 100 parking spaces within a 30,000 square foot parking lot, Madison Realty Capital noted.
Madison Realty Capital has made $6 billion in investments across the city since its foundation in 2004, with holdings in the multi-family, retail, office, industrial and hotel sectors. Artemis has more than $2.5 billion of investor capital tied into various partners in the real estate industry.
