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Brokerage
Posted: August 24, 2021
Metropolitan Realty Associates raises $50 million equity with Angelo, Gordon & Co.
Bayshore, NY Metropolitan Realty Associates LLC (MRA) has raised $50 million of equity for a strategic investment fund focused on Long Island industrial assets. In its first acquisition, the fund has acquired 5 Inez Drive, a single-story industrial asset. Working with long-time equity partner Angelo, Gordon & Co., L.P., the 94,000 s/f warehouse is currently occupied by tenant Ruby Has, a national logistics and fulfilment company, through April 2025 at a significantly below-market rent.
“The dynamic growth of last-mile delivery and e-commerce is expanding exponentially across Long Island,” said MRA founder and CEO Joseph Farkas. “Contributing to this trend is a population density that skews towards higher income demographics and greater purchasing power by customers requiring abundant and efficient delivery services. As a result, quality warehouse buildings in convenient locations are in high tenant demand to meet their customers’ needs.”
Situated on an approximately 6.3-acre lot, the circa 1973 warehouse features 22-ft. ceilings, nine loading docks, and two grade-level drive-in doors. Located for commercial travel, 5 Inez Dr. is a six-minute drive to the Long Island Expressway, an 11-minute drive to Pinter Warehouse rail terminal, and for access to area airports, the building is 22 minutes to Long Island McArthur and 41 minutes to JFK.
5 Inez Dr. is adjacent to a 10-acre vacant site purchased by the Rockefeller Group in May of this year for $30 million ($3 million per acre) where a 170,000 s/f distribution center is being planned for development.
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