Long Island-based real estate investment trust GTJ REIT paid $28.5 million for a 1.9-acre Queens parking lot leased by FedEx, according to property records filed with the city yesterday.
FedEx currently leases the 84,000-square-foot parking lot at 28-20 Borden Avenue, near an elevated strip of the Long Island Expressway in Long Island City, through 2027. The lot is next to a 10-acre distribution center operated by the package delivery company.
North Carolina-based SunCap Property Group has owned the land since 2011. The firm, along with investor Charlie Zaharia, paid $8.1 million for the site. That same year, FedEx signed leases for two large lots on Borden Avenue. The site at 28-20 Borden Avenue had previously housed an 80,000-square-foot property leased to Spring Scaffolding.
Brokers Justin DiMare and Kenneth Zakin of Newmark Grubb Knight Frank represented the seller in the deal.
In February, SunCap and Midtown Manhattan-based Parkwill Management acquired a vacant, 428,550-square-foot parcel in Brooklyn’s East New York neighborhood for $40 million with plans to develop a FedEx distribution center, as The Real Deal reported.
SunCap and GTJ could not be immediately reached for comment.