Prologis Picks Up Queens Warehouse for $21.5M
Prologis, the country’s largest owner of industrial space, dropped $21.5 million for a warehouse in Ridgewood, Queens — at least its third acquisition in the area this year, property records show.
The real estate investment trust bought the 120,000-square-foot warehouse at 24 Woodward Avenue between Metropolitan and Flushing Avenues from Willowen Management Corp. in a deal that closed on Monday, according to city records.
The two-story property was built in 1929 and is currently leased to a variety of companies including Dir Salon Furniture, Kitchen Cabinet Depot and General Coatings Technologies, according to CoStar (CSGP) Group data.
Brian Ezratty and Scott Ellard of Newmark (NMRK) Knight Frank represented both sides in the deal.
Prologis has been picking up sites all over the city recently as the need for last-mile warehouses has grown with the rise of online shopping and the Ridgewood warehouse marks at least its third purchase the San Francisco-based REIT made in the area this year.
In September, Prologis bought 498 and 512 Johnson Avenue in East Williamsburg, Brooklyn — which borders Ridgewood — from Joyva Realty for a combined $20.8 million, PincusCo Media reported. The next month, Prologis picked up a former envelope manufacturing warehouse at 450 Johnson Avenue in East Williamsburg from longtime owners JBC Land for $13.3 million, as Commercial Observer previously reported.
A spokeswoman for Prologis did not immediately respond to a request for comment and representatives from Willowen could not be reached.
Updated: The story has been updated to include the names of the Newmark Knight Frank brokers who worked on the sale.