Prologis’ $265M Queens deal falls apart

American Realty Advisors is now negotiating to buy Maspeth site on 57th Avenue

New York /
Feb.February 23, 2018 04:00 PM

Prologis backed out of its deal to pay $265 million for a massive FedEx warehouse in Queens.

A new buyer, the Los Angeles-based investment firm American Realty Advisors, is now negotiating to acquire the 350,000-square-foot site at a similar price, according to Crain’s.

Prologis is one of the largest owners of industrial real estate in the country, but its bid collapsed thanks to a recent decline in the company’s share price. It had offered seller Suncap Property Group stock as part of its deal, but the market’s recent volatility had caused those shares to lose value. They are currently trading for just over $61, higher than a year ago but lower than the $65 they hit late in January when the deal was first reported.

Cushman’s Adam Spies and Doug Harmon are brokering the deal.

North Carolina-based Suncap bought the property at 57th Avenue along Newtown Creek when it was vacant and developed the land as a warehouse property for FedEx. The deal with Prologis would have been one of the largest in city history at a time when demand for industrial space is increasing thanks to logistics and e-commerce companies. [Crain’s]Eddie Small


Related Articles

arrow_forward_ios
Hamptons businesses desperate for workers
Hamptons businesses desperate for workers
Hamptons businesses desperate for workers
(iStock)
Job recovery sputters, but hospitality & leisure add hiring
Job recovery sputters, but hospitality & leisure add hiring
Cushman & Wakefield CEO Brett White (Cushman)
Cushman eyeing M&A opportunities post-pandemic
Cushman eyeing M&A opportunities post-pandemic
Andrew Yang (Getty, iStock)
Yang targets vacant lots with $900 million tax plan
Yang targets vacant lots with $900 million tax plan
Ron Burkle and Andrew Zobler with The NoMad New York. (Google Maps, Getty)
NoMad Hotel heads back to the auction block
NoMad Hotel heads back to the auction block
Donald Trump and 40 Wall Street (iStock, Sterlfilms/Wikimedia)
40 Wall’s valuation chop means tax savings for Trump Org
40 Wall’s valuation chop means tax savings for Trump Org
Google CEO Sundar Pichai (Getty, iStock)
Google’s hybrid model will allow 20% of employees to work remotely
Google’s hybrid model will allow 20% of employees to work remotely
Illustration of Amazon's Jeff Bezos (Photo illustration by Kevin Rebong for The Real Deal)
No room in the warehouse: Amazon fuels shortage
No room in the warehouse: Amazon fuels shortage
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...