58-30 Grand Avenue
Update
03/31/22
Maspeth Warehouse Acquired for $51.3M
A 3-story warehouse, located at 58-30 Grand Avenue in Maspeth, Queens has just been sold for $51.3 million. The facility was scooped up by from the previous co-owners, Square Mile Capital Management, and Innovo Property Group in a deal brokered by CBRE.
Originally constructed in 1953, the building was later modified in 1993 and now totals square feet. Rated for heavy industrial use, it has a reinforced concrete superstructure, a freight elevator with a 10,000lb load limit, 16-foot interior clearances, and 12 loading docks capable of handling full tractor-trailer setups.
The building also comes equipped with a full sprinkler system, a paved, 6,000 square foot lot, and 10 parking spaces.
Situated less than a mile from the Long Island Expressway, and 2 miles from the Brooklyn-Queens Expressway, the warehouse's geography is extremely desirable for suppliers and distributors who handle frequent deliveries.
Square Mile and Innovo are parting ways with the property after three and a half years of ownership, having purchased it for $39 million in 2018.
