Terreno Realty pays $50M to XPO Inc. for industrial in Maspeth

Terreno Realty Corporation through the entity Terreno Maspeth Ave, LLC paid $50 million to XPO Inc. through the entity Con-Way Freight Inc. for the industrial building (E1) at 49-15 Maspeth Avenue in Maspeth, Queens.
The deal closed on December 27, 2024 and was recorded on January 3, 2025. The property has 35,658 square feet of built space and 193,736 square feet of additional air rights for a total buildable of 229,274 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,403 and the price per buildable square foot is $218 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on December 4, 2012, for $9.1 million. The signatory for XPO Inc. was Kyle Wismans. The signatory for Terreno Realty Corporation was Hayes Graham. The contract date was December 9, 2024. There was a 20-year lease signed on the same day as the sale, with XPO under its division Conway as landlord and F.W. Webb Company as tenant. XPO acquired Con-way Inc. in 2015.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Terreno Realty Corporation purchased 26 properties in six transactions for a total of $452.4 million and has no record it sold any properties over the past 24 months.
The seller XPO Inc. had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Maspeth has 35,658 square feet of built space and 193,736 square feet of additional air rights for a total buildable of 229,274 square feet according to a PincusCo analysis of city data. The parcel has frontage of 417 feet and is 277 feet deep with a total lot size of 114,637 square feet. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $5.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received three DOB violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Maspeth, The majority, or 73 percent of the 22.3 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 8 percent of the space. In sales, Maspeth has 1.3 times the average sales volume among other neighborhoods with $319.5 million in sales volume in the last two years and is the 4th highest in Queens. For development, Maspeth has had very little major development activity relative to other neighborhoods.It had 440,665 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were 14 pre-foreclosure suit filed among other industrial buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 16 of the 35 commercial properties representing 129,180 square feet of the 452,455 square feet. The largest owner is Galasso Trucking, followed by Robert S. Cristina and then Spencer An.
There are no active new building construction projects on this tax block.

The majority, or 97 percent of the 452,455 square feet of built space are industrial buildings, with specialty buildings next occupying 2 percent of the space.

The buyer

The PincusCo database currently indicates that Terreno Realty Corporation owned at least 29 commercial properties in New York City with 990,164 square feet and a city-determined market value of $104.7 million. (Market value is typically about 50% of actual value.) The portfolio has $72.9 million in debt, borrowed from Apollo Global Management. Within the portfolio, the bulk, or 92 percent of the 990,164 square feet of built space are industrial properties, with office properties next occupying 7 percent of the space. The bulk, or 63 percent of the built space, is in Queens, with Brooklyn next at 37 percent of the space.

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