ATCO puts industrial park near Atlas Park on the market

TRD New York /
Nov.November 01, 2011 09:35 AM

alternate
text
From left: ATCO’s Damon Hemmerdinger and the Shops at Atlas Park
ATCO is selling the Atlas Terminals, an industrial park adjacent to the Atlas Park mall it developed in Glendale, Queens five years ago, but eventually lost in foreclosure. According to the New York Daily News, Macerich, which took over Atlas Park mall in 2009 for $54 million, would likely be interested in the industrial terminals, composed of 21 buildings totaling 500,000 square feet on 11 acres near the mall at 8000 Cooper Avenue.

ATCO, a fourth-generation real estate firm now run by Damon Hemmerdinger, son of former Metropolitan Transport Authority Chairman Dale Hemmerdinger, had just inked Moe’s Sneaker Spot to a 10-year lease for 8,000 square feet in the industrial complex. That combined with the current market cycle made it a good time to sell, Damon said.

The News said Macerich could use the space to increase the value of the Atlas Park mall, which was hit hard by store closings during the real estate downturn. Other rumors persist that developers are eyeing the space for condominiums or a DoubleTree hotel.

ATCO did not reveal an asking price for the land, which formerly held miles of Long Island Rail Road track. [NYDN]


Related Articles

arrow_forward_ios
Clockwise from left: Kings Plaza Shopping Center in Brooklyn, 45-18 Court Square  in Long Island City with GFP's Eric Gural, and 150-13 89th Avenue in Jamaica 

Brooklyn mall’s $487M tops outer-borough loan list

Kings Plaza Shopping Center and JPMorgan's Jamie Dimon 

Macerich lands nearly $500M refi for Kings Plaza Shopping Center

Macerich shopping malls and Macerich's Jesse Franklin (Credit: Macerich and CREtech)

Macerich exec says “the retail apocalypse is a good thing”

Mall owner Macerich expects more store closures in 2019 across portfolio: CEO

Mall owner Macerich expects more store closures in 2019 across portfolio: CEO

National Cheat Sheet: Fed’s interest rate hike raises Trump Org’s borrowing costs, US housing market slowdown could continue … & more

National Cheat Sheet: Fed’s interest rate hike raises Trump Org’s borrowing costs, US housing market slowdown could continue …
& more

How one REIT is trying to lure online brands into brick-and-mortar stores

How one REIT is trying to lure online brands into brick-and-mortar stores

Macerich partners with Industrious to bring co-working into malls

Macerich partners with Industrious to bring co-working into malls

Macerich plans affordable shops, outdoor space at Queens mall

Macerich plans affordable shops, outdoor space at Queens mall

arrow_forward_ios
Loading...