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 April 24, 2025 for a purchase price of approximately $7.6 million.
The property consists of one industrial distribution building containing approximately 20,000 square feet on 0.5 acres. The property is at 43-27 33rd Street, adjacent to New York State Route 25 (Queens Boulevard) and approximately one mile from the Queensboro (59th Street) Bridge, and provides four grade-level loading positions. The property is 100% leased through December 2027 to a commercial bakery and kitchen and the estimated stabilized cap rate is 4.6%.
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: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle and Washington, D.C.
Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.
