# Beer Dynasty Exits Queens Warehouse Market with $95M Deal
The Holterbosch family has exited the Long Island City commercial real estate market, selling their warehouse at 10-01 45th Road in Queens to Dallas-based Ground Lease REIT for $95 million. The sale marks a significant transaction in the industrial property sector and represents the family's liquidation of assets more than a decade after patriarch's death.
Ground Lease REIT, an affiliate of Montgomery Street Partners, a commercial real estate private equity firm based in Dallas, acquired the property. The buyer typically focuses on ground lease structures and net lease transactions, suggesting potential repositioning or income stabilization strategies for the waterfront Queens asset.
The Holterbosch family built wealth through German beer importing and distribution operations before shifting focus away from that business model. The 45th Road warehouse sits in Long Island City, one of Queens' most competitive industrial and mixed-use real estate markets. The neighborhood has transformed dramatically over the past 15 years, with e-commerce logistics, food distribution, and light manufacturing operations commanding premium pricing alongside emerging residential development.
The $95 million valuation reflects current market strength in Queens industrial space. Warehouse values in Long Island City have climbed steadily as supply tightens and logistics companies compete aggressively for proximity to Manhattan and regional transportation networks. The property's location on 45th Road places it near waterfront access and major truck routes serving the tri-state region.
For the Holterbosch family, the sale completes a generational transition. Holding real estate assets for a decade after the patriarch's death suggests the family navigated estate planning and probate processes before deciding to liquidate. Estate holders often maintain properties during these periods, generating rental income while family members determine long-term strategic direction.
Ground Lease REIT's acquisition strategy focuses on creating stable income streams through ground lease arrangements. The firm may retain the property as a ground lease, leasing the land to a tenant who owns or operates the building, or it may pursue a different operational structure. Montgomery Street Partners' involvement indicates institutional capital backing for the transaction, suggesting confidence in the asset's income-generation potential.
The sale timing aligns with strong investor appetite for Queens industrial real estate. Institutional buyers, REITs, and private equity firms continue seeking warehouses and distribution facilities in outer-borough locations where rents remain below Manhattan and Brooklyn comparables while supply constraints persist. Long Island City specifically has become a secondary hub for last-mile delivery and food wholesale operations.
Sellers in this market currently enjoy favorable conditions. Limited warehouse inventory, rising logistics demand, and low capitalization rates on stabilized properties create competition among bidders. The Holterbosch family's $95 million exit price likely reflects multiple competitive offers and demonstrates the premium placed on well-located Queens industrial assets.
For tenants currently leasing the property, the ownership change brings potential implications. Ground Lease REIT's investment profile typically favors long-term lease stability, suggesting operational continuity. However, tenants should monitor lease terms closely during any transition period to understand whether new ownership brings rent increases or modified operating conditions.