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Acquisitions

Innovo Property Group acquires LIC development site

Allows for the development of 407,265 SF

Development site at 23-30 Borden Avenue (Credit: Cushman & Wakefield)

Andrew Chung’s Innovo Property Group has entered into contract to acquire 23-30 Borden Avenue in LIC from Atlas Capital for around $75 million, according to TRD. FreshDirect’s former warehouse spans 181,674 SF, and allows for the development of an additional 225,591 SF. It also includes a 6,000-foot LED sign. 

Worth Noting: This appears to be a last-mile distribution play… Expect a major redevelopment. 

Be Smart: Industrial is piping hot! As demand from e-commerce companies continues to rise, expect this trend to continue.

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