The South Florida-based landlord picked up a large warehouse in Jamaica, Queens for $58.1 Million.
The purchase price works out to be $320 per square foot for the 180,000-square-foot property at 182-20 Liberty Avenue.
The dealers are two private families that moved their wholesaling businesses out of the building. They started into a short-term sale-leaseback agreement that gives them enough time to relocate their businesses. Elion plans to reposition the building for big logistics holders.
Elion senior managing director James Lambert said in a report the company is in extension mode in the northeast, and that the property offered “ample parking” that’s not typically seen in this market.
In the first purchase, the company paid $30 million for a 207,000-square-foot industrial property in Elizabeth, New Jersey. This is the second Big purchase by Elion’s in the New York metro area in the current week.
The investor worked on a big buying spree in 2020, and in August announced a tricky partnership with Goldman Sachs, which had just wrapped up raising a $2.7 billion real estate capital. According to their website, Elion currently has $1.6 billion in assets under authority.