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EverWest Acquires Maspeth Distribution Facility for $57M
In its second New York/New Jersey tri-state industrial acquisition this month, EverWest Real Estate Investors has closed on a 70,500-square-foot industrial building in the Maspeth neighborhood of Queens for $57.25 million. The seller of the fully ouccipedp property was Wharton Industrial.
EverWest’s director of Northeast acquisitions, Stephen Feinberg directed the transaction. The seller, Gary Korn, managing director at Wharton Industrial, was represented by Walker & Dunlop senior managing director Mo Beler, along with Walker & Dunlop’s Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and Michael Diaz.
“This property is an irreplaceable bullseye location in the heart of Maspeth,” said Feinberg. “Its rare low coverage ratio and ample on-site parking capabilities make it an ideal last-mile, high-throughput distribution facility,”
Korn added, “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.”
- ◦Sale/Acquisition
