Prologis picks up Maspeth parcel for $51M

223K-sf site currently houses transmission towers for religious radio station

48-00 Grand Avenue in Maspeth and Prologis CEO Hamid Moghadam (Google Maps; Prologis)
48-00 Grand Avenue in Maspeth and Prologis CEO Hamid Moghadam (Google Maps; Prologis)

Prologis is broadcasting that the industrial market remains hot in the outer boroughs.

The industrial giant picked up 223,000 square feet of land at 48-00 Grand Avenue in Maspeth for $51 million from a religious radio station, according to property records. The deal adds to Prologis’ already sizable presence in the Queens neighborhood.

The seller was California nonprofit Family Stations, parent company of Nashville-based Family Radio. The nonprofit reported over $33 million in real estate assets to the Internal Revenue Service in 2018.

Neither Prologis or Family Stations was available for comment.

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Four large radio transmitters currently sit on the Maspeth parcel, which has 433,000 square feet of development potential. The new owner plans to rent out the property as parking and storage, according to Quantierra Advisors’ Ben Carlos Thypin, who brokered the deal with colleague Jay Gilbert.

“Long-term, we see this as a strategic move that adds to our growing footprint of high-quality logistics space that offers quick and easy access to consumers,” Jeremiah Kane, a senior vice president at Prologis, said in a statement.

The industrial market is one of the few sectors to see a boon from the pandemic, thanks to increased online shopping. Companies like Amazon, which recently inked a major deal in East New York, are pushing to quickly deliver items through the use of last-mile distribution centers.

Prologis’ latest purchase is near 18-51 Flushing Avenue, which it purchased from the Frito Lay company for $37.5 million in January. That same month, it bought a two-acre site at 150 East 52nd Street in Sunset Park from DH Property Holdings’ Dov Hertz for $60 million.