Triangle Equities Seals $136 M Recap for Queens Air-Cargo Warehouse

Triangle Equities secured a $136 million recapitalization for its Terminal Logistics Center air-cargo warehouse project in Jamaica, Queens — marking a pivotal financing milestone for the firm’s strategic urban industrial asset near John F. Kennedy International Airport. The recap includes a $75 million debt package arranged by H.I.G. Realty Credit Partners and $61 million in new equity from Goldman Sachs Asset Management’ Urban Investment Group, replacing earlier loans and capital partners. The property, sited in a designated Opportunity Zone, is designed for air-cargo, logistics, and industrial use and capitalizes on its tri-modal access and strategic location. Commercial Observer

Constructed on a 9-acre site at 130-02 South Conduit Avenue, the facility will feature 26-foot clear heights, a 50-foot column grid, and a 300-pound live-load capacity — fitting the structural requirements for air-cargo operations. The recapitalization signals investor confidence in dense, urban logistics assets and Triangle’s ability to execute on non-traditional industrial formats. Commercial Observer

This recap focuses solely on financing rather than leasing or operational milestones, underscoring the asset’s role as a financial instrument and development platform within Triangle’s industrial pipeline. The firm’s repositioning in urban industrial sectors using high-visibility, transit-adjacent sites reflects a broader strategic shift toward vertical logistics and infrastructure-adjacent real estate. Commercial Observer