Terreno Realty Corporation Acquires Property in Queens, NY for $23.0 Million

BELLEVUE, Wash.–(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 March 6, 2023 for a purchase price of approximately $23.0 million.

The property consists of one industrial distribution building containing approximately 45,000 square feet on 1.1 acres. The property is at 42-11 9th Street, immediately adjacent to the Queensboro 59th Street Bridge connecting Manhattan and Queens, 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%.

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.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.

Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.