Terreno Realty acquires 55,000 SF warehouse in transaction arranged by JLL
JLL Capital Markets has arranged the $23 million sale of a 55,000-square-foot warehouse with development potential for more than 320,000-square-feet ZFA (Zoning Floor Area) in Long Island City, Queens.
JLL marketed the property on behalf of the seller, Titan Contracting Corp., a leading New York City design-build contractor that specializes in high-impact design projects. The buyer is Terreno Realty, which acquires, owns and operates industrial real estate in six major coastal U.S. markets, including New York City.
Located at 42-11 Ninth St. in Long Island City, the existing warehouse offers a minimum of 17-foot ceiling heights throughout, three overhead drive-in doors and private offices with a separate entrance. The facility provides unmatched transportation access,situated steps from multiple subway lines and LIRR at Queensboro Plaza, and neararea highways and JFK and La Guardia airports.
In addition to as-is potential, the property benefits from flexible zoning designation that would support the development of studios, industrial, logistics, life sciences and office, among other uses. The property, which features 695 feet of wrap-around frontage, comprises more than 320,000 ZFA.
The JLL Capital Markets investment sales team representing the seller included Managing Directors Michael Mazzara, Ethan Stanton and Winfield Clifford, and Senior Managing Directors Stephen Palmese and Brendan Maddigan.
“This is an extraordinary opportunity for near-term industrial use with the potential for development in a wide variety of sectors,” said Mazzara. “The property benefits from its location in the heart of Long Island City, which is experiencing enormous growth, with 13 million square feet of office space and a diverse array of local and international businesses.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
