- Terreno Realty Corporation (TRNO, Financial) acquired an industrial property in Queens, NY for $7.6 million.
- The 20,000 square feet property is fully leased to a commercial bakery and kitchen through December 2027.
- The estimated stabilized cap rate for the property is 4.6%.
Terreno Realty Corporation (TRNO), a prominent player in the industrial real estate sector, has expanded its portfolio with the acquisition of an industrial property located in Long Island City, Queens, New York. The purchase was completed on April 24, 2025, for approximately $7.6 million.
The property, situated at 43-27 33rd Street, encompasses an industrial distribution building with a total area of 20,000 square feet on a 0.5-acre plot. It features four grade-level loading positions and is strategically positioned close to New York State Route 25 (Queens Boulevard) and a mile from the Queensboro (59th Street) Bridge, enhancing its logistical appeal.
The building is currently 100% leased until December 2027 to a commercial bakery and kitchen, providing immediate steady income for Terreno Realty Corporation. The transaction is expected to deliver an estimated stabilized cap rate of 4.6%, a key metric for evaluating the potential return on investment. The cap rate estimation is based on stabilized occupancy levels, typically at 95%, and encompasses total acquisition costs including associated expenses.
This acquisition aligns with Terreno Realty's strategy of owning and operating industrial real estate in key coastal U.S. markets, including New York City, Los Angeles, Miami, the San Francisco Bay Area, Seattle, and Washington, D.C. For more information about the company and its operations, visit their official website.
