The Real Deal New York

Prologis sells JFK-adjacent portfolio for $57M

January 29, 2013 09:00AM

Boston-based TA Associates Realty has paid $57.2 million to Prologis Inc. for a portfolio adjacent to the John F. Kennedy International Airport, reported.

Cushman & Wakefield’s Andrew Merin, David Bernhaut, Gary Gabriel and Kyle Schmidt brokered the deal for the JFK Cargio Portfolio, which includes 12 buildings for a total of 481,000 square feet and eight land parcels currently being used as parking lots.

“Opportunities to acquire portfolios in the JFK market occur every other decade,” Gabriel said in a release. “The proximity to the airport and extreme competition constraints made this a once-in-a-generation offering.” He added to that the portfolio came to Prologis through its merger with AMB, and was on the market for less than six months. The Denver, Colo.-based public REIT was rated the country’s largest commercial property owner in 2010, with 479.7 million square feet of commercial space.

Located between the Belt Parkway and Nassau and Rockaway boulevards, the portfolio’s buildings run the gamut from from 10,000 to 73,000 square feet. The occupancy rate was 93 percent, with freight forwarders such as Aramex International and Amerijet making up the bulk of the clients. [] —Hiten Samtani