Newmark Knight Frank announced that it has brokered the sale of 24 Woodward Avenue, a key property for last-mile distribution and warehouse in Queens, New York on behalf of the seller, Willowen Management Corp. and the buyer, multinational logistics real estate investment trust Prologis, which has approximately $111 Billion in assets under management. NKF’s Vice Chairman of Investment Sales Brian Ezratty and Scott Ellard represented the seller in the exclusive agency and procured the purchaser in the $21.5 million sale.
24 Woodward Avenue is a two-story, 110,000 square foot industrial warehouse and distribution facility with access to both LaGuardia and Kennedy airports and rail line connectivity at the property’s west end. The seller previously owned a paint distribution company and used the property for its own storage and distribution operations prior to selling the company a few years earlier.
The property is located on the corner of Woodward and Flushing Avenues in the Ridgewood neighborhood, which has emerged as a leading location for professional investors and developers looking to renovate existing properties for the use of companies in the distribution and logistics sectors as well as the expanding media sector.
“24 Woodward Avenue is a keystone in the evolving industrial district in this section of Ridgewood,” said Ezratty. “The property will afford maximum efficiency for distribution and warehousing needs given its proximity to major transit systems and destinations throughout the greater-New York City area. It served Willowen well for years and we were glad to find a buyer in Prologis that will continue to put it to good use.”