Jun. 19 at 1:57 PM
$TRNO Terreno Realty acquires property in Queens, NY for
$16M
Terreno Realty announced it acquired an industrial property located in Long Island City Queens, New York on June 18, for a purchase price of approximately
$16.0M. 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%.