Innovo Property Group has topped out its latest multistory city industrial facility, Evaluation Avenue Complicated in Queens’ Borden Innovation District. The agency is growing the venture in partnership with The City Funding Group at Goldman Sachs Alternate options. Completion is anticipated this fall.
Evaluation Avenue Complicated is at 28-90 Evaluation Ave. in Lengthy Island Metropolis, simply off the Lengthy Island Expressway. Innovo broke floor on the venture in 2022 and obtained a $354 million financing bundle one 12 months later.
The six-story, 736,000-square-foot growth options versatile floorplates, 40-foot by 42.5-foot column spacing and clear heights as much as 32 toes, in addition to 4 freight elevators. There are high-capacity flooring hundreds and truck entry on every degree by way of a 35-foot ramp. Its parking areas can accommodate 166 vehicles and 118 vans.
In March, Innovo accomplished The Borden Complicated, additionally in Lengthy Island Metropolis. The 1 million-square-foot property at 23-30 Borden Ave. is inside strolling distance of Evaluation Avenue Complicated.
Growing industrial demand
City industrial developments just like the Evaluation Avenue Complicated display the way in which builders are adapting to fulfill demand with high-capacity, versatile amenities near main inhabitants facilities, mentioned John Crow, CEO of Century 21 Business.
“Whether or not it’s multistory logistics area in New York or expansive parks in Arizona, we’re seeing long-term funding in industrial infrastructure that helps fashionable commerce,” Crow advised Business Property Govt. “The sector’s resilience and flexibility proceed to make it one in every of industrial actual property’s most dynamic asset courses.”
Whereas tariff uncertainty could create instability for the sector within the close to time period, e-commerce will proceed to drive industrial demand progress through the second half of the last decade, Doug Ressler, senior analysis officer at Yardi Matrix, advised CPE.
Some 345.5 million sq. toes of commercial area, or 1.7 p.c of the inventory, had been underneath building nationally as of March, based on a CommercialEdge report. Whereas new venture begins have decelerated lately, they continue to be above pre-pandemic norms.
