Wildflower offered a Queens warehouse for a hefty premium.
Adam Gordon’s improvement agency offered the property at 28-10 Whitestone Expressway to Terreno Realty for $92 million, the Business Observer reported. The sale comes 12 months after Wildflower acquired the property for $35 million.
The property, a former distribution middle for the New York Occasions, is being reworked into an e-commerce logistics middle. It’s unclear what the way forward for the positioning holds, nonetheless, as Wildflower had been redeveloping the positioning since 2022 and secured a $94 million building mortgage the next yr.
Wildflower and Terreno didn’t reply to the outlet’s requests for remark.
The 245,000-square-foot property is located between the Whitestone Expressway and Flushing Bay. Cushman & Wakefield, which additionally didn’t reply to a request for remark, was operating leasing on the property.
Gordon has proven a propensity for promoting industrial properties for considerably greater than he paid for them. In 2022, Wildflower offered a roughly 3,300-unit self-storage facility it constructed at 3350 Park Avenue within the Morrisania part of the Bronx to Atlanta-based operator Storage Publish for $65 million; Wildflower purchased the property in 2017 for $9 million.
As for Terreno, the Washington-based actual property funding belief offered a completely leased industrial property in South Brunswick, New Jersey, within the fall for $144 million. The REIT initially acquired the property at 130 Interstate Boulevard for $22.5 million in 2010, yielding a 13.4 % unleveraged inner fee of return.
Elsewhere in Queens, Blackstone not too long ago offered a warehouse close to LaGuardia Airport for $86.7 million to a fund managed by Morgan Stanley Actual Property Investing. The 117,000-square-foot facility, positioned at 83-15 twenty fourth Avenue, is totally occupied by FedEx, which has greater than 17 years remaining on its lease.
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Adam Gordon’s Wildflower sells Bronx self-storage building for $65M
Terreno Realty offloads South Brunswick warehouse for $144M
Blackstone sells Queens warehouse near LGA for $87M
