Sitex Group Secured $39.4 Million Loan for Maspeth Site

The industrial storage property in Queens serves as a long-term base for the New York City Fire Department.

Updated on Oct. 14, 2026 in Commercial

Sitex Group Secured $39.4 Million Loan for Maspeth Site

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Lake Forest Bank and Trust Company provided a $39.4 million refinancing loan to Sitex Group for its industrial outdoor storage property in Maspeth. The 146,583-square-foot site is anchored by a 20-year lease with the New York City Fire Department.

Why it matters

The financing reflects ongoing demand within the outer borough industrial market, where competitive rental rates and specific leasing agreements continue to attract capital. This loan supports a property that Sitex Group originally acquired for $50 million in late 2021.

The Maspeth property spans 146,583 square feet, including 26,619 square feet of building space. Currently, outer borough industrial vacancy sits at 6.3 percent, with Class A rents averaging $35.23 per square foot.

The players

Sitex Group

This is a real estate investment firm that specializes in the acquisition and management of industrial and logistics properties.

Lake Forest Bank and Trust Company

This institution is a financial services provider that facilitated the debt refinancing for the industrial property.

New York City Fire Department

This is the municipal agency responsible for fire protection and emergency medical services that holds a 20-year lease at the Maspeth site.

JLL

This is a global commercial real estate services firm that negotiated the debt and provided market analysis for the deal.

The details

JLL arranged the refinancing for the property located at 58-80 Borden Avenue through a capital markets team led by Jillian Mariutti and Alex Staikos. The site supports city operations via a lease signed by the New York City Fire Department in February 2023.

Sitex Group acquired the property in late 2021.
The New York City Fire Department signed a 20-year lease in February 2023.
JLL reported outer borough industrial market data in Q2 2026.

Culture Shift

This transaction underscores the institutional shift toward valuing specialized industrial outdoor storage as a core asset class in dense urban environments. By securing long-term leases with essential public agencies, investors are capitalizing on the scarcity of functional space in the outer boroughs.

While the refinancing deal primarily concerns corporate debt, the presence of the New York City Fire Department as a tenant ensures long-term operational stability at this location. Residents and local businesses should expect continued municipal activity at the Borden Avenue site for the duration of the lease.

The takeaway

Commercial investors often prioritize properties leased to government agencies to ensure steady, predictable cash flow over multi-decade periods. This strategy remains a reliable hedge against the inherent volatility found in broader industrial rental markets.