Prologis Buys Greenpoint Site for $122M

Prologis paid nine figures for a 10-acre site near the Greenpoint waterfront, but the firm isn’t tipping its hand on any plans yet.

The logistics company acquired 440 Kingsland Avenue from ExxonMobil for $122 million, Crain’s reported. The site is close to Newtown Creek, which gives Prologis options.

The company may be considering a logistics facility or vehicle storage hub. The property could also be used in conjunction with New York City’s Blue Highways initiative, which utilizes local waterways to enhance transportation and deliveries across the city; New York City Economic Development Corp. president Andrew Kimball previously suggested Prologis was interested in the initiative.

A TerraCRG team including Dan Marks and Daniel Lebor brokered the sale on behalf of ExxonMobil. The petroleum company’s roots in the neighborhood dates back generations, owning both a refinery and bulk storage terminal in the area; a cataclysmic oil spill nearly 50 years ago changed the identity of Northeast Greenpoint.

Prologis is one of the most prominent owners of industrial properties across the country, sporting a major presence in markets across the country. In 2020, it bought the site of a radio station at 48-00 Grand Avenue in Maspeth, Queens for $51 million.

Just a few days ago, the San Francisco-based company paid $57 million for a warehouse in Doral, Florida, acquiring the property from an affiliate of Codina Partners. The deal ranked in the top 10 of largest industrial transactions in South Florida in 2024.

The largest recent deal of note for Prologis came about 18 months ago, when the company agreed to purchase a portfolio of nearly 14 million square feet from the Blackstone Group for $3.1 billion.

In the third quarter, the vacancy rate for the industrial sector in the outer-boroughs jumped above 5 percent for the first time since 2020, according to Cushman & Wakefield.

— Holden Walter-Warner