Prologis acquires Maspeth warehouse
Prologis bought an industrial property in Maspeth for nearly $ 50 million, the logistics giant’s latest acquisition in the Queens neighborhood.
The REIT paid $ 48 million to buy a 4-acre assembly on 47th Street, a source familiar with the sale told The Real Deal. The four plots include warehouses and large open spaces for parking.
“Maspeth has witnessed a surge of capital investment over the past few years as large companies have started to recognize the importance of location,” the marketing materials from Meridian Investment Sales read, whose team led by David Schechtman and Jonathan Birnbaum negotiated the sale.
The sites, which could be redeveloped, total approximately 335,000 constructible square feet. The addresses are 57-00, 58-20, 57-05 and 57-57 47th Street. FedEx and UPS, among others, both operate distribution centers nearby.
Representatives for Prologis and Meridian did not immediately respond to a request for comment.
The industry has been one of the top performing asset classes during the pandemic as consumers increased demand for online shopping and e-commerce. San Francisco-based Prologis, which has a market capitalization of nearly $ 122 billion, is the world’s largest warehouse owner REIT. The company said its global portfolio was 98% leased and 97% occupied at the end of the third quarter.
This is not the company’s first purchase from Maspeth. In June, Prologis acquired a majority stake in an industrial site at 46-81 Metropolitan Avenue for $ 43 million. And just over a year ago, Prologis paid $ 51 million to buy a 223,000 square foot industrial property at nearby 48-00 Grand Avenue.