Dealmaker: Cushman & Wakefield Arranges $69M in Refinancing for Queens Industrial Site

(Image courtesy of Cushman & Wakefield)

Cushman & Wakefield, New York, served as exclusive adviser to The KABR Group in the procurement of $69.125 million to refinance an industrial property–called the Ideal Building–in Jamaica, Queens.

The loan was provided by ACORE Capital. Cushman & Wakefield’s Gideon Gil and Dale Braverman represented the borrower.

“This transaction underscores the strong demand for quality industrial assets in strategic locations within the outer boroughs,” Gil said. “Since acquiring the Ideal Building in 2022, KABR has fortified the legacy rent roll, increased occupancy and commenced a comprehensive repositioning to transform the property to a best-in-class light industrial facility, which has led to significant leasing activity and momentum.”

The Ideal Building sits at 184-10/60 Jamaica Ave., and is a 618,414-square-foot industrial property. It consists of two interconnected five- and six-story buildings.

It features 14 loading docks, 2 drive-ins, 6 freight elevators and 127 parking spaces. The Ideal Building is currently leased to a diverse mix of tenants.