Business
Terreno Realty Corporation Acquires Property in Queens, NY for $16.0 Million
BELLEVUE, Wash., June 19, 2025--Terreno Realty Corporation Acquires Property in Queens, NY for $16.0 Million
About this update from Terreno Realty Corporation
[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":410,"height":480,"url":"https://media.zenfs.com/en/business-wire.com/a891b24ed7f53a5050d3641bddbcd9a8"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/aWR_3RNHmq1hRfT6rM_4yA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTgyNTtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/a891b24ed7f53a5050d3641bddbcd9a8","width":410,"height":480}},"lazy":false},{"type":"text","content":"BELLEVUE, Wash., June 19, 2025--(BUSINESS WIRE)--Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Long Island City Queens, New York on June 18, 2025 for a purchase price of approximately $16.0 million.","length":328,"tagName":"p"},{"type":"text","content":"The property consists of one industrial distribution building containing approximately 36,000 square feet on 1.0 acres. The property is at 11-40 Borden Avenue, adjacent to the entrance to the Queens-Midtown Tunnel and the Pulaski Bridge, and provides two dock-high and one van-level loading positions. The property is 100% leased through May 2028 to an insulation distributor and the estimated stabilized cap rate is 3.9%.","length":422,"tagName":"p"},{"type":"text","content":"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.","length":416,"tagName":"p"},{"type":"text","content":"Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle and Washington, D.C.","length":220,"tagName":"p"},{"type":"text","content":"Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.","length":114,"tagName":"p"},{"type":"text","content":"Forward-Looking Statements","length":26,"tagName":"p"},{"type":"text","content":"Thi...