JLL arranges $354M total capitalization for Long Island City industrial project

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Jun 21, 2023, 13:00 ET

The 734,000-square-foot development features a pioneering design unlike any other multi-story industrial product in New York City

NEW YORK, June 21, 2023 /PRNewswire/ -- JLL Capital Markets announced today that it arranged the $354 million total capitalization for 28-90 Review Ave., a 4.03-acre, industrial development totalling 734,000 square feet in Long Island City, New York.

JLL represented Innovo Property Group LLC in securing construction financing through Axos and Cerberus Capital Management. Additionally, JLL lined up the equity with IPG and Goldman Sachs (GS) Asset Management's Urban Investment Group.

Positioned strategically in the Long Island City (LIC) submarket, the property's location is ideal for multi-story industrial product with direct access to Manhattan, LIC, Queens, Brooklyn and the Bronx. The building is advantageously positioned along Long Island's main truck route I-495, providing access to a variety of major transportation routes and critical distribution hubs, including LaGuardia Airport (8.2 miles) and John F Kennedy Airport (12.4 miles).

The JLL Capital Markets team was led by Senior Managing Director Christopher Peck, Managing Director Peter Rotchford, Senior Director Tyler Peck and Director Nicco Lupo.

"28-90 Review Ave. will arrive to market during a severe imbalance in supply and demand in the New York City market," said Christopher Peck. "IPG's intimate knowledge of the property and market trends, coupled with Goldman Sachs' extensive investing experience, position the investment as a generational development opportunity of unparalleled scale within one of the world's most desirable logistics markets, where demand is skyrocketing and supply has not kept pace."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL's newsroom.

About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Contact: Alli Semans, Public Relations, Associate
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SOURCE JLL