NEW YORK CITY-A Prologis Inc. industrial portfolio adjacent to JFK International Airport has traded to TA Associates Realty, according to Cushman & Wakefield, which arranged the $57.2-million sale. Andrew Merin, David Bernhaut, Gary Gabriel and Kyle Schmidt of C&W’s Metropolitan Area Capital Markets Group represented Prologis and procured the buyer, Boston-based TA, for the JFK Cargio Portfolio, which encompasses 12 buildings totaling 481,000 square feet and eight land parcels.
Gabriel tells GlobeSt.com the portfolio came into the Prologis fold via its merger with AMB. “Opportunities to acquire portfolios in the JFK market occur every other decade,” he says in a release. “The proximity to the airport and extreme competition constraints made this a once-in-a-generation offering.”
He notes that the location adjacent to JFK airport offers “access to more than 100 international destinations, as well as being one day’s drive to more than 110 million consumers—one-third of the US population. And the New York metropolitan area has a larger GDP than all but 14 countries.”
Schmidt notes in the release that the portfolio was on the market for less than six months. “. “We gave more than 20 tours to investors from all over—institutional, local buyers, the full spectrum of potential investors seeking access to this unmatched opportunity, one that they will likely never see again,” he says.
Located between the Belt Parkway and Nassau and Rockaway boulevards, the JFK Cargo Portfolio’s 12 existing buildings were built between 1966 and 1994. They range from 10,000 to 73,000 square feet, and were 93% occupied at the time of sale, mainly by freight forwarders, including Aramex International, Gourmet Boutique, Aaron Rents Inc. and Amerijet. The eight land parcels, now being used as parking lots, provide room for further on-site expansion.