CBRE Arranges $146M Sale of Light Industrial Portfolio Adjacent to JFK International Airport

by Kristin Harlow

INWOOD, N.Y. — CBRE has arranged the sale of a portfolio of light industrial properties situated adjacent to JFK International Airport in the Long Island borough of Inwood for $146 million. A partnership between Onyx Acquisition IV LLC and Starwood purchased the portfolio from limited liability companies controlled by the Elias family.

Situated on 18 acres, the portfolio comprises 10 buildings totaling 500,708 square feet. The properties include: 95 Inip Drive, 90 Inip Drive, 71 Inip Drive, 55 Inip Drive, 41 Inip Drive, 100 Inip Drive, 40 Inip Drive, 475 Doughty Blvd. and 447-453 Doughty Blvd.

Brian Fiumara and Martin Lomazow led the CBRE team that brokered the transaction. Allan Elias is the executive who represented the family interests.

The transaction marks the first time in 50 years that the portfolio was marketed for sale, according to Lomazow. Ben Elias Industries Corp., a discount clothing distributor that occupied much of the portfolio, ceased operations last year.

Fiumara says the portfolio offers a value-add opportunity as well as unrivaled accessibility to consumers, infrastructure and labor.

— Kristin Harlow

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