Artemis Real Estate Partners and Madison Realty Capital Advisors have acquired the an industrial building at 184-10 and 184-60 Jamaica Avenue in Jamaica for $78 million, or about $127 per square foot.
The five-story, 613,000-square-foot manufacturing facility was built in 1923 and 1954 on 3.5 acres. It is currently 75 percent occupied by French Connection, Hanky Panky and Gotham Greens.
It features a small office build-out, 12 interior loading docks, and two passenger and five freight elevators. The MRC/Artemis partnership is planning to upgrade mechanical infrastructure of the property in order to provide some much needed flex space.
It is close to Jamaica Station, the largest transit hub in Queens, and is an attractive choice for warehousing, distribution and manufacturing uses.