AMB Property Leads Pack in Industrial Holdings Near JFK Airport

QUEENS, NY-More than 1.2 million sf of industrial space near Kennedy Airport has been purchased by AMB Property Corp. Most of it (1.1 million sf) was acquired from J.A. Green Construction in Great Neck, NY, according to published reports. The balance was bought from the Ervolino Partnership of Springfield Gardens, NY. The transaction, which set AMB back $104 million, makes the San Francisco-based trust the largest owner of industrial property near JFK.

Twenty-nine multi-tenant properties are said to have changed hands in the deal, most of it leased up. Only 70,000 sf of space is available in all of the buildings, which vary from 6,000 sf to 124,000 sf. Office space is modest in size, about 500 sf; warehouses run up to 20,000 sf. Area rents for offices peak at $20 per sf; at $13 per sf for warehouses.