2-28-14

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Terreno Realty acquires four-building Queens, NY, asset Cushman & Wakefield arranges $53.1 million JFK Airgate portfolio trade

ISSUE HIGHLIGHTS Volume 26 Issue 4 Feb. 28 - Mar. 13, 2014 Commercial office properties Spotlight Mid Atlantic R EAL E STATE J OURNAL ’ S A NNUAL C OMMERCIAL O FFICE Spotlight

MidAtlantic RealEstateJournal—CommercialOfficeSpotlight—February 28 -March 13, 2014—SectionC

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QUEENS, NY — Cushman & Wakefield ’s Metropolitan Area Capital Market Group has arranged the trade of a 229,000 s/f, four-building portfolio situated adjacent to JFK International Airport in Queens. Terreno Realty pur- chased the properties, known as JFK Airgate, for $53.1 mil- lion. Cushman & Wakefield’s Andrew Merin , David Ber- nhaut , Gary Gabriel and Kyle Schmidt , based in the commercial real estate ser- vices firm’s East Rutherford, NJ office, headed the assign- ment. Gabriel noted that the offering’s core characteristics drew an unprecedented level of interest from the investment community. “The portfolio’s functionality – highlighted by market-lead- ing product in an irreplaceable location – is best illustrated by its tenants, which include some of the largest, most so- phisticated and best-known logistics firms in the world,” Gabriel said. “The buildings are 99% leased, with FedEx, UPS, Kuehne +Nagel and SDV USA among the major users.

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WilliamC.Hanson,SIOR NAI JamesE.Hanson

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Section C

JFK Airgate

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They are here for a reason. ” Built between 1986 and 1991, the JFK Airgate port- folio’s one office and three in- dustrial buildings are decades younger than a majority of the surrounding submarket and consequentially offer tenants increased efficiency. Private truck courts accommodate full- size trailers, and below-grade car parking sets it apart from much of the competition and will always be a key differen- Estates, LLC , announced KevinWolfer , president and CEOof the direct private lend- er. Kennedy Funding had pr ev i ous l y provided a loan in that amount t o the borrower, secured by 2,654 acres of land at Ce- dar Mountain, Iron County, Utah. Located just 10 miles from the noted Brian Head Ski Resort in Cedar City, Utah, the site’s initial phase was approved for residential de- velopment, including 145 five-acre “off the grid” lots, of which most have been sold and improved with homes. Kevin Wolfer

tiator when competing for ten- ants, according to Schmidt. “Located just minutes from the tarmac, JFKAirgate serves as a critical conduit between the New York City Metropoli- tanArea and global commerce,” Schmidt said. “This property is wholly integrated with the region’s massive logistics and distribution system, providing efficient coordination between ‘wings and wheels.’” In a submarket with ex- Phase two was approved for 239 five-acre lots, followed by a 1,028-acre phase three zoned for 20-acre lots. “When the borrower initial- ly approached us, they needed a loan to move the project forward,” saidWolfer. “We are pleased to have been able to complete the note sale. “Lending for residential has become an important part of what we do,” said Wolfer. “It is arguably the strongest real estate sector right now, and when it’s paired with recre- ational and resort uses, or has them in close proximity, that is all the more attractive as an opportunity. In addition to the financing and even- tual note sale for the Cedar Mountain, Utah property, our firm has recently provided

tremely high barriers to entry and very few property trades, the JFK Airgate portfolio gen- erated over two dozen bids from major institutional play- ers and REITs. “The seller maintained and leasedAirgate to the highest level of insti- tutional standards,” Schmidt said. “Terreno Realty’s acqui- sitions team provided assur- ance that they would close as promised, and then executed their end perfectly.” n financing for similar projects in such diverse—and interna- tional—locations as Johnson- ville, SC, Tampa, FL and the Dominican Republic. Kennedy Funding, Amer- ica’s leading direct private lender, specializes in bridge loans for commercial property and land acquisition, develop- ment, workouts, bankrupt- cies, and foreclosures. The company has closed more than $2.5 billion in loans to date. The firm’s creative fi- nancing expertise enables the closing of loans of up to a 70% loan-to-value ratio, from $1 million to more than $50 mil- lion, in as little as five days. Kennedy Funding continues to actively seek new funding opportunities throughout the world. n

Kennedy Funding completes $28.86 million note sale secured by 2,654 acres of land

ENGLEWOOD CLIFFS, NJ — Kennedy Funding has closed a $28.86 million note sale for Braffits Creek

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