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Prologis snaps up another Maspeth site for $48M

Warehouse giant acquires 4-acre assemblage; Peter Latta buys $46M property two blocks away

Prologis CEO Hamid Moghadam and an aerial view of 57-00, 58-20, 57-05 and 57-57 47th Street. (Google Maps, Prologis)
Prologis CEO Hamid Moghadam and an aerial view of 57-00, 58-20, 57-05 and 57-57 47th Street. (Google Maps, Prologis)

UPDATED Jan. 4, 2022, 4:24 p.m.: Prologis purchased a Maspeth industrial property for nearly $50 million — the logistics giant’s latest acquisition in the Queens neighborhood.

The REIT paid $48 million to buy a 4-acre assemblage on 47th Street, a source familiar with the sale told The Real Deal. The four parcels include warehouses and large open spaces for parking.

“Maspeth has witnessed a flurry of capital investment over the past several years as major corporations have begun to recognize the importance of the location,” read marketing materials from Meridian Investment Sales, whose team led by David Schechtman and Jonathan Birnbaum brokered the sale.

Just two blocks east of Prologis’s new site, a 93,000-square-foot warehouse at 58-38 Page Place sold for $45.8 million. Peter Latta bought the property through limited liability company NYM LTL, which has no other holdings in the city. Sidney Lerman, who acquired the property from a city-run nonprofit agency in 1998, was the seller.

The sites bought by Prologis, which could be redeveloped, have roughly 335,000 buildable square feet. The addresses are 57-00, 58-20, 57-05 and 57-57 47th Street. FedEx and UPS, among others, both operate distribution centers nearby.

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Representatives for Prologis and Meridian did not immediately respond to a request for comment.

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Industrial has been one of the strongest-performing asset classes during the pandemic, as consumers have increased demand for online shopping and e-commerce. San Francisco-based Prologis, which has a market cap of nearly $122 billion, is the largest warehouse-owning REIT. The firm said its global portfolio was 98 percent leased and 97 percent occupied as of the end of the third quarter.

This isn’t the company’s first buy in Maspeth. In June, Prologis acquired a controlling stake in an industrial site at 46-81 Metropolitan Avenue for $43 million. And just over a year ago, Prologis paid $51 million to buy a 223,000-square-foot industrial property at nearby 48-00 Grand Avenue.

This article has been updated to include the sale of 58-38 Page Place.

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Industrial Real EstateMaspethPrologis