Realterm has acquired a 130,000-square-foot final mile warehouse located at 50-35 56th Rd. in the Maspeth neighborhood of Queens, New York. The fully leased property has 15 loading positions, excess parking and an efficient layout, the company said.
“As the e-commerce industry continues to grow rapidly and customer needs change, well-located final mile warehouses such as this property are critical to enhancing the speed and efficiency of the shipping industry,” said Ben Andreycak, vice president, East region acquisitions, Realterm. “Located in an extremely dense market, with more than 11 million people within a 15-mile radius, this property’s size and location offers major national users operational scale to service the greater New York City region.”
Located on 5.2 acres, the property has immediate access to New York City’s five boroughs via Interstates 278 and 495. The site is five miles from LaGuardia Airport, 14 miles from John F. Kennedy International Airport and eight miles from the Port of New York and New Jersey.
“Maspeth is an outstanding warehouse submarket and ranks first in terms of drive time when compared to other surrounding industrial nodes,” said Stephen Panos, senior vice president and fund manager, Realterm. “This is Realterm’s second acquisition in the Maspeth submarket and the 28th in the New York Metropolitan Area portfolio and exemplifies our strategy of acquiring functional high flow-through properties in strong markets.”
Eastdil Secured represented the seller in the transaction and Isaac Ilkhanov of Stelth Group represented Realterm.