The Real Deal New York

Prologis in contract for one of NYC’s biggest-ever industrial buys

The company is dropping $265M on a Maspeth warehouse
January 25, 2018 05:00PM

Prologis, one of the country’s largest industrial real estate owners, is in contract to buy a newly constructed warehouse in Maspeth for $265 million, marking one of the city’s priciest industrial deals.

North Carolina-based SunCap Property Group developed the 350,000-square foot facility on a strip of vacant land between 57th Avenue and Newton Creek, just east of the Kosciuszko Bridge, according to Crain’s. It was designed as delivery center for FedEx, with roughly two-dozen loading docks, on-site parking and additional parking on the building’s rooftop. Parkwill Management Corp., which co-invests with SunCap on industrial sites, is also listed as an owner, property records indicate.

This isn’t Prologis’ first deal in the city. Last year, the logistics giant bought a 200,000-square-foot warehouse at 1055 Bronx River Avenue for just under $30 million. The publicly-traded company, valued at roughly $34 billion, has 700 million square feet of industrial real estate worldwide.

Adam Spies and Doug Harmon of Cushman & Wakefield are representing SunCap in the deal. [Crain’s] — Chava Gourarie