Terreno Realty Corporation Acquires Property in Queens, Ny for $31.1 Million

Published: 2025-07-01 13:50:54 ET TRNO

Published on 07/01/2025 at 13:50

Terreno Realty Corporation acquired an industrial property located in Long Island City, Queens, New York on June 30, 2025 for a purchase price of approximately $31.1 million. The property consists of one industrial distribution building containing approximately 48,000 square feet on 2.2 acres. The property is at 49-10 27th Street, adjacent to the entrance to the Queens-Midtown Tunnel, and provides ten dock-high and 14 grade-level loading positions.

The property is vacant. Upon acquisition Terreno Realty Corporation will substantially renovate the building including new truck loading configuration, new office, new warehouse and exterior lighting, slab repair and possibly a roof raise. The renovated property, expected to be completed in 2026, is expected to have a total investment of approximately $40.2 million and the estimated stabilized cap rate is 5.5%.

Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer's due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.