NEW YORK—TA Associates Realty has paid $57.2 million to acquire the JFK Cargo portfolio, comprised of 12 buildings totaling 481,000 sq. ft. and eight land parcels next to JFK International Airport’s runway system in Queens, N.Y. Cushman & Wakefield’s Andrew Merin, David Bernhaut, Gary Gabriel and Kyle Schmidt represented seller Prologis Inc. and procured the buyer.
“Opportunities to acquire portfolios in the JFK market occur every other decade,” said Gabriel. “The proximity to the airport and extreme competition constraints made this a once-in-a-generation offering. This location provides access to more than 100 international destinations, as well as being one day’s drive to more than 110 million consumers—one-third of the U.S. population. And the New York metropolitan area has a larger GDP than all but 14 countries.”
Properties in the portfolio range in size from 10,000 to 73,000 sq. ft. and were constructed between 1966 and 1994. The single-story buildings were 93 percent occupied at the time of sale, primarily by freight forwarders, including Aramex International, Gourmet Boutique, Aaron Rents Inc. and Amerijet.
The eight land parcels, currently in use as parking lots, provide room for on-site expansion.