Wholesaler MySales Picks Up Queens Industrial Site for $25M
Wholesaler MySales just snatched up an industrial site at 75 Onderdonk Avenue in Ridgewood, Queens, for $25 million to be used as its new distribution center, Commercial Observer has learned.
The sale, which closed July 19, will give MySales its new home as soon as distributor National Compressor Exchange moves out of the building at a yet-to-be-determined date, B6 Real Estate Advisors’ Robert Rappa, who was part of the team that represented the seller, Jason Richard Realty, told CO. The 66,000-square-foot property comes with 61,000 square feet of air rights that can be added on, said Rappa.
The Queens market is getting more popular for industrial space, spurred on by pandemic-caused growth in e-commerce, said Rappa. But industrial tenants — who often require heavy machinery — don’t often move locations, which is one of the reasons why this space was so appealing.
“There’s just a lack of good industrial products, especially large, last-mile distribution warehouses,” said Rappa. “They don’t come very often, so the size and location was really ideal for [MySales’] business. It was the perfect storm.”
New Jersey-based MySales provides wholesale products to national chains like Dollar General and Dollar Tree, according to its website. It purchased the property on Onderdonk Avenue, past Scholes Street, in an all-cash buy with plans to use 3,000 square feet on the second floor for offices and 63,000 square feet of warehouse space for its business operations.
“They just needed more space in the area,” Jaffe Realty’s Brian Jaffe, who represented the buyer, told CO. “That hub is ideal.”
The property is close to other key spots — including Brooklyn, Manhattan and Long Island — making it well located for a warehouse center, said B6’s Thomas Donovan, the other half of the brokerage team for the buyer.
National Compressor Exchange, which makes new replacement and retrofit compressors, has its headquarters and manufacturing facility at the property, but is looking at several new spaces for its upcoming relocation, Rappa said.
Celia Young can be reached at email@example.com.
Update: This story has been updated to indicate that Brian Jaffe represented the buyer, MySales, not the seller.