This building has an especially high “cap” rate.
The owner of a 7.3-acre site that houses a 202,000-square-foot Coca-Cola bottling plant in Queens’ Maspeth neighborhood is putting it on the market, sources told The Real Deal.
The property at 59-02 Borden Avenue is triple-net-leased to the Coca-Cola Bottling Company until its expiration in three years. The two-story warehouse, built in the 1950s, offers 316,200 buildable square feet, according to marketing materials.
The owner, Kaymac Corporation, hired Pinnacle Realty of New York to market the site as a potential development opportunity. Sources familiar with the site, located near the Long Island Expressway, said it could sell for between $70 million and $75 million.
There is also 120,000 square feet of parking and loading space on the property. Kaymac has owned the site since before developing it. Before Coca-Cola leased the property, Canada Dry occupied it for years.
Elsewhere in the city, the global soda manufacturer owns the 310,000-square-foot Plaza District office building at 711 Fifth Avenue and leases two floors of office space at 261 Madison Avenue.
Pinnacle Realty’s Decio Baio, David Junik and James Tack are representing the owner. The brokers declined to comment, while Kaymac and Coca-Cola did not respond.
Of the few multi-acre sites on the market in Queens, some have recently found buyers. Chris Xu bought a 3.7-acre site in Flushing for $100 million and Madison Realty Capital picked up a 3.5-acre site in Hollis for $78 million.