Terreno Realty Acquires Industrial Property in New York for Approximately $92M
Terreno Realty acquired an industrial property located in College Point, Queens, New York for a purchase price of approximately $92M. The property consists of a cross-dock industrial distribution building containing approximately 81,000 square feet with an additional two floors of indoor parking on four acres. The property provides 13 dock-high and three grade-level loading positions and parking for 226 cars. The building is shell complete only. Terreno Realty Corporation will permit and construct interior finishes, including approximately 8,000 square feet of office, expected to be completed in early 2027. The total expected investment is $103.4M and the estimated stabilized cap rate is 5.4%.
