EverWest Buys Maspeth Last-Mile Industrial Facility From Wharton for $57M
By Mack Burke September 22, 2021 12:34 pm
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Denver-based EverWest Real Estate Investors has scooped up its second New York tri-state area industrial asset in as many weeks with its roughly $57.3 million, all-cash purchase of a last-mile facility in Maspeth, Queens, according to announcements Wednesday from EverWest and seller, Wharton Equity Partners.
The 70,500-square-foot logistics facility is situated on a nearly three-acre parcel of land at 55-30 46th Street in Maspeth. It’s currently leased out to a variety of local food distributors, who service a New York metro area that comprises around 20 million consumers, according to information from EverWest.
“This property is an irreplaceable bullseye location in the heart of Maspeth,” said EverWest’s Director of Northeast Acquisitions, Stephen Feinberg, who led the transaction. “Its rare, low-coverage ratio and ample, on-site parking capabilities make it an ideal last-mile, high-throughput distribution facility.”
The asset includes rear loading outlets, 30-foot clear heights and an ample amount of truck courts and parking, according to EverWest, who’s targeting these types of acquisition opportunities in New York amid a flood of interest for industrial and last-mile properties in dense areas that drive demand for e-commerce and fast delivery.
Walker & Dunlop’s (W&D) Mo Beler led the marketing efforts and disposition of the property on behalf of the seller. He was joined by Aaron Appel, Keith Kurland, Jonathan and Adam Schwartz, Michael Diaz and Taylor Geiger. Wharton Equity Managing Director Gary Korn spearheaded the sale for his firm.
“We are witnessing intense demand for industrial — and, more specifically, last-mile logistics — product,” Beler said, adding that his team is “thrilled for [Wharton] on a terrific transaction.”
The Maspeth property is situated in an ideal area, next to two major interstate thruways in I-278 and I-495, which allows for direct access to rest of Queens, as well Manhattan, Brooklyn and Long Island to the east.
“Since shifting our focus to the industrial sector in 2017, Wharton Industrial [a division of Wharton Equity] has been focused on identifying and acquiring prime urban infill locations that stand to benefit from the explosive growth of e-commerce and demand for last-mile delivery,” Wharton Equity Founder and Chairman Peter Lewis said. “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.”
EverWest’s purchase of this property is a continuation of its ongoing plans to penetrate the industrial markets of New York and the surrounding area, which is dealing with a lack of supply amid increased demand for delivery.
“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,” Korn said. “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.”
EverWest recently partnered with Woodmont Properties to acquire a site with a nearly 352,000-square-foot office building and adjacent unused land in Somerset, N.J., in a roughly $43 million deal that was announced last week. The duo is planning to demolish the existing structures and build two warehouse and distribution facilities that will span more than 426,000 square feet.
Mack Burke can be reached at mburke@commercialobserver.com.
