Queens Industrial Asset Trades for $75M
- Sep 11, 2020
MANA Products has completed the $75 million disposition of a 214,820-square-foot industrial property in Long Island City, N.Y. Traub Capital purchased the asset, according to public records.
The transaction comes on the heels of the private equity firm’s acquisition of MANA, announced last week. Full terms of the sale were not disclosed, but MANA Products has estimated annual revenues of $222 million, according to Dun & Bradstreet. Guggenheim Securities served as financial advisor to MANA, which will continue to operate under its own name and retain its employees and leadership team.
Located on nearly 3 acres at 27-11 49th Ave., the three-story building was completed in 1965. MANA plans to expand the facility by adding almost 112,000 square feet to the existing structure, according to Yardi Matrix data. The new phase is a horizontal addition which will be built on the side of the property currently used for shipping and receiving. The warehouse is close to Interstate 495 and Long Island Rail Road’s Hunterspoint Avenue station.
In June, Sitex Group finalized the $112 million sale of a three-property, industrial portfolio totaling 235,500 square feet in Queens, 5 miles southeast. GLP acquired the Class B assets.