French Connection Extends 88,000 SF Lease at Madison Realty Capital's 613,000 SF Industrial Property on Jamaica Avenue in Jamaica, Queens

NEW YORK, May 31, 2018 /PRNewswire/ -- French Connection, the apparel retailer, has extended its 88,000 square foot lease at 184-10 and 184-60 Jamaica Avenue, a 613,000 square foot industrial property in Jamaica, Queens.  Madison Realty Capital and Artemis Real Estate Partners acquired the property last year for $78.0 million.

"We continue to see a shortage of industrial space in New York as properties are converted to other uses, and we believe that well-located industrial assets like ours are likely to perform well as a result," said Josh Zegen, Co-Founder and Managing Principal of MRC.  "We are currently in negotiations with tenants of all sizes, and demand remains strong.  We're pleased that French Connection understands the ongoing value of this location and welcome their decision to extend."

More than 10 million square feet of New York City industrial space has been taken offline over the last decade by investors through either the demolition or repurposing of space.  MRC and Artemis plan to upgrade the Jamaica Avenue buildings, including enhancing the building envelope, mechanical infrastructure, and elevators, in order to better serve the increasing demand from industrial and office/industrial ("flex") users looking for quality space within the increasingly supply-constrained New York City market.

In addition to French Connection, current tenants include Hanky Panky and Gotham Greens.   The buildings, originally built in 1923 and 1954, feature five freight elevators, two passenger elevators, and roughly 500 feet of frontage along Jamaica Avenue.  The property also features 12 loading docks and a 30,000 square foot parking lot with over 100 parking spaces, and benefits from its close proximity to Jamaica Station, the largest public transit hub in the borough of Queens.

About Madison Realty Capital (MRC)

MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market.  Founded in 2004, MRC has invested in approximately $7.0 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.

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SOURCE Madison Realty Capital