Prologis Acquires Development Site In Queens For $265M From SunCap Property Group

The development site at 46-06 57th Avenue in New York City's Queens neighborhood has been sold in a closed transaction. The property, owned by SunCap Property Group and represented by CEO Flint McNaughton, has been acquired by Prologis, a leading industrial real estate company. The transaction was facilitated by Adam Spies and Doug Harmon of Cushwake.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $265,000,000
• Building Square Footage: 973,000 sf
• Price per Square Foot: $272
• Address: 46-06 57th Avenue, New York
• Market: Queens

The deal, which closed on 01/25/18, involved the purchase of the development site by Prologis. The property spans an area of 973,000 square feet and was sold for a total of $265,000,000. The price per square foot for the property was $272, highlighting the value of the transaction. SunCap Property Group, represented by CEO Flint McNaughton, served as the seller in this transaction. Adam Spies and Doug Harmon of Cushwake played a key role in facilitating the deal.