Wildflower Flips Queens Warehouse Year After Acquisition

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Wildflower sold a Queens warehouse for a hefty premium.

Adam Gordon’s development firm sold the property at 28-10 Whitestone Expressway to Terreno Realty for $92 million, the Commercial Observer reported. The sale comes 12 months after Wildflower acquired the property for $35 million.

The property, a former distribution center for the New York Times, is being transformed into an e-commerce logistics center. It’s unclear what the future of the site holds, however, as Wildflower had been redeveloping the site since 2022 and secured a $94 million construction loan the following year.

Wildflower and Terreno did not respond to the outlet’s requests for comment.

The 245,000-square-foot property is situated between the Whitestone Expressway and Flushing Bay. Cushman & Wakefield, which also did not respond to a request for comment, was running leasing at the property.

Gordon has shown a propensity for selling industrial properties for significantly more than he paid for them. In 2022, Wildflower sold a roughly 3,300-unit self-storage facility it built at 3350 Park Avenue in the Morrisania section of the Bronx to Atlanta-based operator Storage Post for $65 million; Wildflower bought the property in 2017 for $9 million.

As for Terreno, the Washington-based real estate investment trust sold a fully leased industrial property in South Brunswick, New Jersey, in the fall for $144 million. The REIT originally acquired the property at 130 Interstate Boulevard for $22.5 million in 2010, yielding a 13.4 percent unleveraged internal rate of return.

Elsewhere in Queens, Blackstone recently sold a warehouse near LaGuardia Airport for $86.7 million to a fund managed by Morgan Stanley Real Estate Investing. The 117,000-square-foot facility, located at 83-15 24th Avenue, is fully occupied by FedEx, which has more than 17 years remaining on its lease.

— Holden Walter-Warner