X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

QUEENS, NY-More than 1.2 million sf of industrial space near Kennedy Airport has been purchased by AMB Property Corp. Most of it (1.1 million sf) was acquired from J.A. Green Construction in Great Neck, NY, according to published reports. The balance was bought from the Ervolino Partnership of Springfield Gardens, NY. The transaction, which set AMB back $104 million, makes the San Francisco-based trust the largest owner of industrial property near JFK.

Twenty-nine multi-tenant properties are said to have changed hands in the deal, most of it leased up. Only 70,000 sf of space is available in all of the buildings, which vary from 6,000 sf to 124,000 sf. Office space is modest in size, about 500 sf; warehouses run up to 20,000 sf. Area rents for offices peak at $20 per sf; at $13 per sf for warehouses.

AMB specializes in properties near airports and other transportation hubs. When contacted by GlobeSt.com, a spokesperson for the company would not confirm the transaction nor any of its particulars because of a confidentiality agreement.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.