ATCO puts industrial park near Atlas Park on the market
From left: ATCO’s Damon Hemmerdinger and the Shops at Atlas ParkATCO is selling the Atlas Terminals, an industrial park adjacent to the Atlas Park mall it developed in Glendale, Queens five years ago, but eventually lost in foreclosure. According to the New York Daily News, Macerich, which took over Atlas Park mall in 2009 for $54 million, would likely be interested in the industrial terminals, composed of 21 buildings totaling 500,000 square feet on 11 acres near the mall at 8000 Cooper Avenue.
ATCO, a fourth-generation real estate firm now run by Damon Hemmerdinger, son of former Metropolitan Transport Authority Chairman Dale Hemmerdinger, had just inked Moe’s Sneaker Spot to a 10-year lease for 8,000 square feet in the industrial complex. That combined with the current market cycle made it a good time to sell, Damon said.
The News said Macerich could use the space to increase the value of the Atlas Park mall, which was hit hard by store closings during the real estate downturn. Other rumors persist that developers are eyeing the space for condominiums or a DoubleTree hotel.
ATCO did not reveal an asking price for the land, which formerly held miles of Long Island Rail Road track. [NYDN]