Walker & Dunlop, Inc. announced today that it served as exclusive advisor in the $57,250,000 sale of a 70,500 square-foot, specialty industrial building in Queens, New York. The facility and 2.9-acre land parcel are situated in the Maspeth neighborhood, a highly sought-after location for last-mile distribution centers serving the New York market that provides exceptional ease of access to industrial tenants as well as national retailers.
The transaction represents the emerging trend of industrial parks being developed within high-barrier-to-entry urban infill locations. The need for such localized distribution facilities to serve as last-mile distribution centers has increased significantly, thanks to increased demand for e-commerce and shortened delivery windows.
Walker & Dunlop’s Mo Beler, led the transaction alongside Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz, and Taylor Geiger. The team worked closely with the owner, Gary Korn, of Wharton Equity Partners, to market the property and facilitate the disposition to EverWest Real Estate Investors, a Colorado-based investment fund. Throughout the sale process, Walker & Dunlop worked through complex transaction details, including managing tenant holdovers, collaborating with a variety of consultants, contractors, and third-party experts, as well as arranging a consolidated team of experts for the transaction.
Mr. Korn commented, “Wharton has worked with Walker & Dunlop’s New York City Capital Markets team for some time, and we were thrilled with both the depth of their industrial expertise and the creativity they brought to this complicated transaction. The team helped us to unlock and realize the value of this unique asset and provided us with seamless execution every step of the way.”
Beler noted, “We put our deep experience of raising equity in the industrial sector to work for our valued client, Mr. Korn. From the initial engagement, we made sure that we understood both the seller’s and buyers’ needs, resulting in a transaction that benefited all parties.”
Walker & Dunlop has one of the strongest networks in the industry, which includes over 250 capital sources. The firm completed $11 billion in brokered loan originations in 2020, a 6% increase over 2019. For more insights on the industrial market, including trends driving new warehouse construction, the need for urban infill industrial properties, and case studies on recently closed transactions, please see our Industrial Market Report.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune’s Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.