Prologis Acquires Queens Industrial Warehouse for $21M
Prologis, a multinational and logistics real estate investment trust, has acquired 24 Woodward Ave., an industrial warehouse in the Queens submarket
NEW YORK CITY – Prologis, a multinational and logistics real estate investment trust, has acquired 24 Woodward Ave., an industrial warehouse in the Queens submarket from Willowen Management Corp. for $21 million. The property is a two-story, 110,000-square-foot industrial warehouse and distribution facility with access to both LaGuardia and Kennedy airports and rail line connectivity. Newmark Knight Frank arranged the transaction.
“24 Woodward Avenue is a keystone in the evolving industrial district in this section of Ridgewood,” said NKF’s Vice Chairman of Investment Sales Brian Ezratty in a prepared statement. “The property will afford maximum efficiency for distribution and warehousing needs given its proximity to major transit systems and destinations throughout the greater-New York City area.”
Located on the corner of Woodward and Flushing Avenues in the Ridgewood neighborhood of Queens, the submarket has seen tremendous growth as developers and investors move into the market and renovate existing properties for companies to use to facilitate distribution and logistics operations.
At one point the seller used the property for a paint distribution company and storage.