Industrial powerhouse Prologis has acquired the site of a local radio station in Queens, adding to its existing portfolio in the area, Commercial Observer is reporting.
Prologis purchased the five-acre vacant lot in Maspeth from Family Radio for $51 million, according to property records. The site, at 48-00 Grand Avenue, is currently used by Family Radio, or WFME, for its radio towers, according to information from Quantierra Advisors, which brokered the deal on behalf of the seller.
The site is located in an industrial area near the border of Brooklyn and Queens, and will be used by the buyer for parking and storage.
Prologis has acquired at least three other sites in the area within the last year, including two adjacent industrial sites.
Family Radio will continue to operate its radio towers on the Grand Avenue site as they transition to a new location, which was key to closing the deal, since the radio producer required continuity of operations.
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