Terreno Realty Adds Long Island City Industrial for $23M
Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in the Long Island City neighborhood of Queens. The purchase price was approximately $23.0 million. Located at 42-11 9th St., the property consists of one industrial distribution building containing approximately 45,000 square ... The post Terreno Realty Adds Long Island City Industrial for $23M appeared first on Connect CRE.
Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in the Long Island City neighborhood of Queens. The purchase price was approximately $23.0 million.
Located at 42-11 9th St., the property consists of one industrial distribution building containing approximately 45,000 square feet on 1.1 acres. It’s immediately adjacent to the Queensboro 59th Street Bridge connecting Manhattan and Queens, and provides one dock-high and two grade-level loading positions and off-street parking for 13 cars.
The property is 100% leased on a short-term basis and the estimated stabilized cap rate is 5.2%. The seller wasn’t disclosed.
Based in Bellevue, WA, Terreno has amassed a New York-New Jersey industrial portfolio comparable in size to its Seattle-area holdings. The company also owns and operates properties in Los Angeles, the Bay Area, Miami and Washington, DC.
The post Terreno Realty Adds Long Island City Industrial for $23M appeared first on Connect CRE.
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