Prologis is making a play for a huge industrial site in the South Bronx.
The warehouse REIT is in late-stage talks to buy the former News Corp. printing plant in Port Morris, sources familiar with the negotiations told The Real Deal.
The roughly 400,000-square-foot facility sits on 16 acres, about the size of the World Trade Center site. The purchase price wasn’t immediately clear, but a person familiar with the talks said Prologis plans to spend more than $600 million to acquire and develop the property.
A representative for Prologis did not immediately respond to a request for comment.
News Corp. closed the facility last year after moving its printing operations to the New York Times Company’s plant in College Point, Queens. It printed The Wall Street Journal, Barron’s and the New York Post at the Port Morris building, which opened in 2001.
The state-owned site had formerly been an MTA bus depot when Gov. George Pataki pushed the agency in 1998 to sell the property to the Empire State Development Corporation, which leases it to the Galesi Group.
In November, a group of lawmakers including Rep. Ritchie Torres called for an “environmentally conscious development” on the site and warned of “imminent public health and environmental risks” should the property be leased for last-mile warehousing.
News Corp. spent about $300 million to develop the plant, which is next to facilities for FedEx and FreshDirect.