Innovo Property Group has topped out its latest multistory city industrial facility, Assessment Avenue Complicated in Queens’ Borden Innovation District. The agency is growing the mission in partnership with The City Funding Group at Goldman Sachs Alternate options. Completion is anticipated this fall.
Assessment Avenue Complicated is at 28-90 Assessment Ave. in Lengthy Island Metropolis, simply off the Lengthy Island Expressway. Innovo broke floor on the mission 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 ground hundreds and truck entry on every degree through 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 Assessment Avenue Complicated.
Rising industrial demand
City industrial developments just like the Assessment Avenue Complicated display the way in which builders are adapting to fulfill demand with high-capacity, versatile services near main inhabitants facilities, stated 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 instructed Business Property Govt. “The sector’s resilience and adaptableness proceed to make it one among industrial actual property’s most dynamic asset lessons.”
Whereas tariff uncertainty might create instability for the sector within the close to time period, e-commerce will proceed to drive industrial demand progress throughout the second half of the last decade, Doug Ressler, senior analysis officer at Yardi Matrix, instructed CPE.
Some 345.5 million sq. toes of business area, or 1.7 % of the inventory, had been beneath development nationally as of March, in keeping with a CommercialEdge report. Whereas new mission begins have decelerated lately, they continue to be above pre-pandemic norms.
