EverWest Acquires Second New York/New Jersey Tri-State Industrial Asset This Month, Closes on Queens Infill Property for $57.25 Million

QUEENS, NY (September 22, 2021) – 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, New York, for $57.25 million.

The asset sits on 2.9 acres at 55-30 46th Street, in a prime location for last-mile industrial and e-commerce distribution, with over 20 million consumers throughout the New York metro region. It features rear loading, 30’ clear height and generous truck court and parking areas. The multi-tenanted building is fully occupied by local food distributors.

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,”

“We are witnessing intense demand for industrial – and more specifically last-mile logistics – product,” said Beler. “We’re thrilled for our long-time client on a terrific transaction and it is always a pleasure working with EverWest.”

About EverWest Real Estate Investors LLC

EverWest Real Estate Investors LLC is a real estate investment advisor providing investment management services throughout the U.S. including acquisitions, asset management, development and property management for our investors. EverWest has $3.6 billion in assets under management as of second quarter 2021. The firm’s clients invest through separately managed accounts and commingled funds. EverWest is headquartered in Denver with regional investment offices in New York City, Charlotte, Los Angeles and San Francisco metro areas. EverWest is a wholly owned subsidiary of Canada-based GWL Realty Advisors. For more information, visit www.everwest.com or www.gwlra.com.