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Another industrial site in the boroughs is slated to be converted, but not to trendy loft offices or apartments.
The Coca-Cola Co.'s bottling facility at 59-02 Borden Ave. in Maspeth, Queens, triple-net-leased to the beverage giant, is being sold to Home Depot, The Real Deal reports. Kaymac Corp. developed the plant decades ago and has owned the site ever since, but when Coca-Cola's lease expires in 2022, Home Depot is planning to turn the site into a big-box store.
It remains unclear if Home Depot plans to convert the 7.3-acre site's 202K SF warehouse with new construction or if it plans to renovate and convert it. At a $63M sale price, with rent coming in for the next five years and 316K buildable SF, the Atlanta-based home goods retailer has plenty of time and money to decide what it wants to do next.
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