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Report: Prologis' deal to buy FedEx warehouse in NYC for $265M falls through

Industrial real estate investment trust Prologis Inc. exited its reported deal to purchase a large FedEx warehouse on 57th Ave. in Maspeth, Queens, N.Y., from Suncap Property Group for $265 million, Crain's New York Business reported.

The publication, citing several unnamed sources, said American Realty Advisors is making a play for the asset and is negotiating a price similar to that of the abandoned deal.

Sources privy to the matter said Prologis offered stock as part of the deal to purchase the 350,000-square-foot asset.

However, the dip in the stock market in early February resulted in the company's shares losing value, serving as the death knell for the deal, according to the publication.

Cushman & Wakefield is handling the sale of the warehouse.