Square Mile, Innovo Sell Queens Warehouse to Davis Companies for $51M
By Cathy Cunningham March 25, 2022 10:51 am
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Square Mile Capital and Innovo Property Group have sold their multi-story warehouse facility at 58-30 Grand Avenue in Maspeth, Queens, to The Davis Companies, Commercial Observer has learned.
The purchase price was $51.3 million, sources said.
The three-story industrial facility comprises 151,500 square feet and sits on a 1.17-acre parcel in Maspeth. It boasts 16-foot ceilings, 25-foot column spacing, and loading docks on the first and second floors.
Built in 1953, it was acquired by Square Mile and Andrew Chung‘s Innovo in 2018 for $39 million, with Pine River Capital Management providing a $37 million loan in the deal. Previous owner Nathan Indig sold the asset following a decision to relocate his cabinetry business, CNC Associates, to Bedford Stuyvesant in Brooklyn, The Real Deal reported.
Maspeth’s ease of access to highways and airports has made it an industrial hub and an attractive area for capital investment as a last-mile-delivery frontier. The property’s neighbors include FedEx, Amazon and Home Depot.
The warehouse sits just minutes from both the Long Island Expressway and Brooklyn-Queens Expressway. As such, it’s well-positioned to serve New York City’s densely populated e-commerce consumer base, with a population of 9.8 million located within a 15-mile radius.
CBRE (CBRE)’s Doug Middleton, Brian Fiumara and Ryan Silber led the sale of the asset, sources said.
Last August, Innovo shed another industrial asset, at 511 Barry Street in the South Bronx. CenterPoint Properties snapped up the Amazon-leased property for $119 million in an off-market, all-cash deal, sources told Commercial Observer at the time. It had previously traded for $54 million, only two years earlier.
Officials at Square Mile and CBRE declined to comment. Innovo and Davis Companies officials didn’t immediately return requests for comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com
