EverWest hits the bullseye with $57M Queens warehouse acquisition

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In
its second tri-state industrial acquisition this month, EverWest Real Estate
Investors has closed on a 70,500 s/f industrial building in Maspeth, Queens, for
$57.25 million.

The
property sits on 2.9 acres at 55-30 46th Street, in a prime location for
last-mile industrial and e-commerce distribution, with over 20 million
consumers throughout the New York metro region. It features rear loading, 30
ft. clear height and generous truck court and parking areas. The multi-tenanted
building is fully occupied by local food distributors.

EverWest’s
Director of Northeast Acquisitions Stephen Feinberg directed the transaction.
The seller, Gary Korn, managing director at Wharton Industrial, was represented
by Walker & Dunlop’sMo Beler, Aaron Appel, Jonathan Schwartz, Adam
Schwartz, Keith Kurland and Michael Diaz.

“This
property is an irreplaceable bullseye location in the heart of Maspeth,” said
Feinberg. “Its rare low coverage ratio and ample on-site parking capabilities
make it an ideal last-mile, high-throughput distribution facility,”

Wharton
Industrial, is a platform of real estate investment firm Wharton Equity
Partners. Peter C. Lewis, founder & chairman of Wharton Equity Partners,
commented, “This property represents a near-perfect fit for that strategy,
offering a prime location in the heart of the country’s largest metropolis,
with an existing facility that can support the needs of a wide variety of
modern tenants. We are proud to announce the successful sale of this site and
look forward to continuing our work supporting the region’s industrial infrastructure
and generating superior returns for our investors.”

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