Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, is pleased to present the exclusive offering of 58-30 Grand Avenue, an industrial and logistics facility in the Maspeth neighborhood of Queens, NY. Senior Executive Managing Director, David Schechtman and Vice President, Chris Kim, are representing the seller in this transaction.
The three-story, 151,000 square foot building is an exceptional industrial and logistics facility in a neighborhood that has emerged as the forefront for last mile logistics in New York City. The building contains 16-foot-high ceilings, column spacing of approximately 25 feet, and presents a unique ‘building within a building’ configuration, containing loading docks on both the first and second floors afforded by the lot’s topography. This rare enhancement results in a second floor that is just as valuable as the ground floor for tenants. Currently, the building is occupied by four tenants with lease expirations ranging from 2018 to 2024 with landlord termination options beginning in 2021. An investor will have an excellent opportunity to begin repositioning the building and capitalize on the soaring industrial demand in Maspeth in the near term.
Given Maspeth’s central location at the gates of Long Island, Manhattan, and Brooklyn, and as a result of the intensifying trend towards e-commerce, an influx of users have sought to establish necessary distribution centers in the area. With entrances to the Long Island Expressway (I-495) and the Brooklyn Queens Expressway (I-278) just minutes away from the property and close proximity to some of New York’s most densely populated neighborhoods, it has the location and the characteristics to serve as a regional distribution center for a major corporation.
“The industrial revolution of this market cycle isn’t just hype. This incredibly efficient 150,000 square foot warehouse centrally located in Maspeth with ideal column spacing, ceiling heights, and ample loading docks for trailers, coupled with easy access to major thoroughfares and near-term tenancy expirations is a value investment at $42 million,” said Mr. Schechtman.