Prologis has taken control of a last-mile logistics facility near Queens' John F. Kennedy International Airport, purchasing the 116,725-square-foot warehouse at 153-44 South Conduit Avenue from Adam Gordon's Wildflower for $49 million. The transaction, recorded through the entity Prologis Exchange NY 2000, matters because it shows a major industrial REIT continuing to expand its portfolio in a constrained, airport-adjacent submarket where last-mile distribution space is strategically valuable. The property, known as the JFK Conduit Logistics Center, sits along the JFK Expressway, a location that offers direct access to one of the busiest air cargo gateways in the United States.
The deal was signed by Aaron Rosdal, senior vice president of acquisitions and dispositions at Prologis, on behalf of the buyer, while Gordon signed for the seller through the LLC WF Industrial VI, according to city records made public Wednesday. Wildflower had acquired the warehouse in 2020 for an undisclosed amount. The property opened in 2023 and is currently occupied by portable toilet supplier Luxury Portable Toilet Rentals of New York and home inspection service Dry as a Bone. The facility includes 61,425 square feet of storage space and a 55,300-square-foot underground parking garage, a configuration that suggests the asset was designed to accommodate service-oriented logistics tenants rather than traditional bulk distribution users.
The sale follows Wildflower's June 2025 refinancing of the JFK property with a $48.1 million bridge loan from Barings, as previously reported by Commercial Observer. That financing figure provides useful context for the $49 million sale price, indicating that the transaction occurred at a level only modestly above the recent debt placement. The source report does not disclose the original purchase price, the capitalization rate, or the net operating income of the asset, so the sale cannot be independently assessed as a gain or loss for Wildflower. It is also unclear who brokered the deal, and spokespeople for Prologis and Wildflower did not immediately respond to requests for comment.
The JFK sale is not Wildflower's first industrial disposition in Queens this year. In February, the developer sold the 245,337-square-foot warehouse at 28-10 Whitestone Expressway in College Point to Terreno Realty for $92 million, just one year after Gordon paid $35 million for that property. That earlier transaction suggests Wildflower has been actively recycling capital out of Queens industrial assets, though the source report does not state a specific motive for the JFK sale. For Prologis, the acquisition adds to an industrial portfolio that has recently grown through sizable purchases in South Florida, reinforcing a pattern of targeted acquisitions in high-barrier logistics markets.
The evidence base for this analysis is limited to a single Commercial Observer report read in full. Key details remain unknown, including the capitalization rate, lease terms, tenant credit profiles, and any planned capital improvements by Prologis. The absence of broker information and seller motivation also limits the ability to assess whether the $49 million price reflects a premium or discount relative to market expectations. What to watch next is whether Prologis discloses the acquisition in its quarterly earnings materials, whether Wildflower continues to sell additional Queens industrial assets, and whether the existing tenants remain in place or are replaced by higher-credit logistics users as leases roll over.