Thor Equities Group Concludes 2024 with Series of Development Milestones and Strategic Lease Extensions in Core Markets

New York, NY, Dec. 20, 2024 (GLOBE NEWSWIRE) — Thor Equities Group, a global leader in urban real estate development, leasing, and management, today announced the successful completion of several development milestones and lease extensions across its national portfolio. These achievements reflect the company’s continued commitment to building high-quality, industrial assets and best-in-class leasing capabilities.

Thor Equities recently broke ground on a state-of-the-art, 310,500-square-foot Class-A warehouse facility at 377 Carlls Path in New York. This project follows news of the completion of a $68.5 million construction loan secured through ACRES Capital earlier this month. Located on 23 acres in Long Island, New York, the asset offers distribution users unmatched connectivity and the ability to service millions of consumers in record time. Nearby in New Jersey, Thor has completed significant improvements at 1370 Imperial Way, a 180,000-square-foot industrial building offering immediate proximity to the Philadelphia metropolitan area as well as New York City and Baltimore. These upgrades, which include new roofing, sitework, and loading dock enhancements, further enhance the building’s operational efficiency and solidify its position as one of the premier facilities in the market.

“We are proud of our growth in 2024 and the strategic steps we’ve taken to expand and improve our portfolio in key, high-growth markets,” said Chairman and CEO of Thor Equities Group, Joe Sitt. “Our ability to deliver quality, innovative spaces for a wide range of tenants across different asset classes showcases the strength of our approach and the resilience of the markets we invest in. We are excited for what the future holds as we continue to grow and add value to our properties.”

Lastly, Thor Equities secured a significant lease extension at 2575 El Presidio in Carson, California. The 196,300-square-foot manufacturing facility will continue to serve as a vital hub for its tenant operations and ensures long-term stability for both the tenant, Texollini (soon to be acquired by Hansae Co., Ltd. of South Korea), and the surrounding community. Hansae manufactures for major global retailers including H&M, Zara, and Gap, the latter of which named Hansae Supplier of the Year. In another key market at one of Thor’s life science assets, the firm renewed a long-term lease with Bristol Myers Squibb for its 181,210-square-foot property at 7 Powderhorn Drive in Warren, NJ.

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About Thor Equities Group

Thor Equities is a leader in the development, leasing and management of industrial, laboratory, residential, office, hotel and mixed-use assets in premier locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 20 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, and leveraging market trends to maintain a long-term competitive edge. For more information, visit www.thorequities.com.

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