Leading industrial developer and investor sells prime infill site in Queens’ Maspeth neighborhood
Wharton Industrial, a platform of real estate investment firm Wharton Equity Partners, announced today that Managing Director, Gary Korn successfully completed the sale of a 70,500-square foot specialty industrial building in Queens, N.Y. to EverWest Real Estate Investors for $57.25 million.
Located at 55-30 46th Street in the borough’s Maspeth neighborhood, the 2.9-acre site is situated off of I-278 and I-495, offering convenient access to Manhattan, Brooklyn, Queens and Long Island. In addition to the existing warehouse building, which is currently occupied by multiple tenants, the property also features ample parking that can be utilized by delivery trucks and other vehicles.
Located within the urban core of the country’s most populous city, with easy access to Manhattan and both of New York City’s two major airports, the area represents one of the most highly sought-after locations for industrial users.
“Since shifting our focus to the industrial sector in 2017, Wharton Industrial has been focused on identifying and acquiring prime urban infill location that stand to benefit from the explosive growth of e-commerce and demand for last-mile delivery,” said Peter C. Lewis, Founder & Chairman of Wharton Equity Partners. “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.”
The sale was arranged by a Walker & Dunlop team led by Mo Beler, alongside Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz, and Taylor Geiger.
Based in Denver, Colorado, EverWest Real Estate Investors LLC is a real estate investment advisor providing investment management services throughout the U.S. including acquisitions, asset management, development and property management. As of Q2 2021, the firm had a total of $3.6 billion in assets under management.
“An asset like this is both extremely unique and increasingly scarce in New York City’s competitive and supply-constrained industrial market, and we worked hard to finalize this complex transaction,” said Gary Korn, Managing Director at Wharton Industrial. “This deal is a testament to Wharton’s proven strategy of locating and maximizing the hidden value of industrial properties up and down the East Coast, and we are extremely thankful to our entire team and our many partners who made it possible.”
Since its launch in 2016, Wharton Industrial has established itself among the most active investors and developers in the Eastern U.S.
The firm is the developer behind the 283,500-square foot SoPhi Logistics Center in South Philadelphia — a formerly defunct railcar facility which Wharton transformed into a first-class last-mile delivery facility. The building was leased to Amazon in its entirety before being sold for $70 million in late 2020. In 2019, the platform also purchased a 32-building, 1.1-million square foot portfolio in Pennsauken, N.J. – making it the largest industrial landlord in the township – and has since added additional holdings both there and in nearby Cherry Hill, N.J.
Wharton Industrial has a long track record of developing modern warehouse and industrial facilities in proximity to highly populated metropolitan centers, often leasing them to major e-commerce and retail tenants. Its other holdings and past developments include a 510,000-square foot industrial facility in Lakeland, Florida; Florida Crossroads Logistics Center, a 617,046-square foot industrial project in Ocala, Florida; and a two-building, 600,000-square foot industrial development in Greenville, South Carolina.