Coca-Cola looks set to fizzle out of Maspeth, Queens.
The owner of a 318K SF site abutting the Long Island Expressway — host to a 202K SF Coca-Cola bottling plant — is putting the property on the market, The Real Deal reports.
Kaymac Corp. has hired Pinnacle Realty to market the property at 59-02 Borden Ave. as a potential development opportunity. Coca-Cola holds a triple-net lease on the site, set to expire in three years.
The two-floor warehouse could fetch as much as $75M, TRD reports. The land contains enough space for 120K SF of parking and loading. Before Coca-Cola leased the site, Canada Dry occupied it for years. Pinnacle Realty's Decio Baio, David Junik and James Tack are representing Kaymac in the sale.
Coca-Cola will maintain a presence in New York City real estate. The soft drink manufacturer acquired the 320K SF building at 711 Fifth Ave. when it purchased Columbia Pictures in 1982. Currently, Ralph Lauren's Polo brand leases 38K SF spanning the basement and three floors for more than $20M/year. Coca-Cola also leases two floors at 261 Madison Ave.
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