REAL ESTATE

Wharton Sells Maspeth Warehouse to EverWest for $57M

EverWest CEO Rick Stone, and 55-30 46th Street in Queens, NY (EverWest, Google Maps)

EverWest made a major play in New York City’s industrial real estate sector this week, closing on a $57.25 million purchase in Maspeth, Queens.

EverWest bought the 70,500-square-foot industrial facility from Wharton Industrial, a platform of Wharton Equity Partners, according to a press release. The building is located at 55-30 46th Street, which is currently occupied by multiple tenants.

The 2.9-acre site is located right off I-278 and I-495 — two major highways offering access to the city’s five boroughs — making the address ideal for a potential last-mile facility. The site also has parking available for delivery trucks.

EverWest, a real estate investment advisor based in Denver, has $3.6 billion of assets under management as of the second quarter.

Incidentally, EverWest has other plans for industrial real estate in the tri-state area. The company is partnering with Woodmont Properties to acquire a 352,000-square-foot site in Somerset, New Jersey for nearly $43 million, The Commercial Observer reports. The existing structures there will be demolished to make way for two warehouse and distribution facilities.

Wharton Industrial previously developed and leased a last-mile facility in South Philadelphia to Amazon before selling it in late 2020 for $70 million, a project similar to its acquisition in Queens aimed at capitalizing on properties near major cities in the Eastern Seaboard, Florida, and the Southeast.

“This deal is a testament to Wharton’s proven strategy of locating and maximizing the hidden value of industrial properties up and down the East Coast, and we are extremely thankful to our entire team and our many partners who made it possible,” said Gary Korn, Wharton Industrial’s managing director.

Maspeth is proving to be a hotbed of industrial activity for major real estate players. In June, Prologis bought a controlling stake in an industrial site in the neighborhood for $42.7 million. Additionally, one of the biggest new project filings in the city in July was for a two-story, 159,000-square-foot storage facility in Maspeth for Fedex Ground.

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