7-acre site of Coca-Cola plant in Queens hitting the market

200K sf warehouse could sell for $70M-plus: sources

TRD New York /
Mar.March 22, 2017 05:15 PM

59-02 Borden Avenue

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.


Related Articles

arrow_forward_ios

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Here’s a look at Blackstone’s industrial plays after its record-breaking portfolio purchase

Blackstone buys Colony Capital’s warehouse portfolio for $6B

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Clutter CEO and co-founder Ari Mir, and clockwise from left: 280 Fullerton Avenue, 1 Holland Avenue, 3046 Northern Boulevard and 5601 Foster Avenue (Credit: Linkedin, Google Maps)

Self-storage startup Clutter makes its first real estate play with $152M deal

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

arrow_forward_ios