GlobeSt.com has learned from a source that The Packard Motor Building, a 337,659-square-foot mixed-use building located at 3202 Queens Boulevard in Long Island City, has traded for $61 million.
Related Fund Management acquired the property from the family who founded Mana Products. Cushman & Wakefield's Doug Harmon, Kevin Donner, Josh King and Willis Robbins exclusively brokered the sale.
C&W declined to comment on the transaction.
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The eight-story building offers 50 on-site private parking spaces for tenants, 13-to-20-foot ceiling heights, oversized freight elevators and flexible floorplates. The property is ideal for a wide range of uses including life science, warehouse/flex office space, data center and self-storage. The asset also gives tenants the ability to have separate entrances.
The property is transit-oriented, located directly across from the 33rd Street – Rawson Subway station, which services the 7 train. Additionally, it is in close proximity to the Court Square and Queens Plaza subway stations, providing potential tenants and employees direct subway access to Downtown and Midtown Manhattan in less than 15 minutes.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
