MRA along with its partner, Morgan Stanley Real Estate Investing, acquired a 220,000 SF, three-story, Class B industrial property at 27-11 49th Avenue in Long Island City, New York and simultaneously structured a 15-year sale leaseback for the entire property to Mana Products Inc (MANA)
Sitting on approximately 2.5 acres of land, the property was constructed in 1965 and consists of load-bearing, reinforced brick masonry walls with steel columns. The Property features 20’ clear heights, 4 loading positions, 2 state-of-the-art freight elevators, as well as executive suits and sales offices.
The three-story manufacturing, warehousing and distribution facility is 100% leased to MANA Products, Inc. a major developer and manufacturer of beauty and skin care products for established brands within the cosmetics industry. The building boosts large floorplates for MANA’s manufacturing floors to operate with efficiency at full capacity, while providing ample space for warehousing and storage of raw materials and finish product.
The property is located just two blocks from the Hunterspoint LIRR and 7 Line subway stop, and sits parallel to the Long Island Expressway at the approach to the Midtown Tunnel providing direct access into New York City’s midtown Manhattan. For access to area airports, the property is only a 15-minute drive to LaGuardia and 35 minutes to JFK.