The logistics real estate investment trust Prologis has cancelled its purchase agreement with Suncap Property Group for a massive FedEx warehouse in Queens. The $265 million deal was predicated on the inclusion of stock offered by Prologis as part of the deal. After the firms stock took a $4 a share hit the deal was rescinded. Los Angeles-based investment firm American Realty Advisors is currently negotiating to acquire the 350,000 sqf site between 57th Avenue and Newton Creek, just east of the Kosciuszko Bridge. The industrial building, designed as a delivery center for FedEx, boasts roughly two-dozen loading docks, on-site parking and additional parking on the building’s rooftop.
