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Prologis acquires Maspeth site

Prologis Leadership (Credit: Prologis)

Industrial REIT Prologis has acquired 48-00 Grand Avenue in Maspeth from Family Radio for $51 million, CO first reported. The five-acre lot has 433,000 SF of development potential, and is currently used by the local station (AKA WFME) for its four large radio transmitters. 

  • Be Smart: The sale is part of a trend in which industrial players are looking for more support space for their last-mile logistics centers. Prologis plans to rent out the property as parking and storage. Realterm Logistics recently bought a nearby site at 235 Gardner Avenue for $28 million, which will likely be used for parking or fleet management as well. 
  • Worth Noting: Family Radio will continue to operate its radio towers on the Grand Avenue site as they transition to a new location.
  • Brokers: Quantierra’s Ben Carlos Thypin and Jay Gilbert brokered the deal.
  • Heard on the Street: Ben Carlos Thypin: “We’re starting to see a lot more industrial fleet management and storage. A lot of players in the market are pricing as much based on the parking value as the development value.” [CO+TRD]

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