XPO sold a terminal in Queens, New York, to an industrial real estate company for $50.1 million in late December, a company spokesperson confirmed last week.
The LTL carrier sold the service center to Terreno Realty Corp. on Dec. 27, according to a deed. XPO relocated to a larger, more centralized site in Brooklyn, as it plans to do in other markets, CFO Kyle Wismans said on an earnings call Thursday.
The Queens terminal sale contributed to a $34 million gain in adjusted earnings before interest, taxes, depreciation and amortization in Q4, Wismans said.
The Brooklyn site was among 25 that XPO opened last year following its acquisition of 26 terminals and two leases in Yellow Corp.’s bankruptcy auction in 2023, according to the company.
“A little less than half of those sites we acquired are going to be net adds,” Wismans told analysts on the call. “So there are going to be some service centers we're going to exit.”
Terreno Realty has leased the entire 33,000-square-foot Maspeth, Queens, facility to a plumbing, heating, HVAC and industrial products distributor, according to the real estate company.
XPO is hearing interest from other non-LTL companies as it develops its divestiture plans for the other sites it will sell or sublease, Wismans said.
“It's a bit early to quantify and provide a timing for those, but you'll see those we press through ‘25,” the CFO said.
While XPO didn’t sell the 40-door Queens site to another LTL, at least one trucking competitor moved into the neighborhood through Yellow’s bankruptcy. A. Duie Pyle reopened in June a nearby terminal it previously leased to Yellow subsidiary New Penn Motor Express in Maspeth.
