Terreno Acquires Fully Leased Queens Industrial Property For $7.6 Mln

Terreno Realty

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(RTTNews) - Terreno Realty Corp. (TRNO), which focuses on industrial real estate in six key U.S. coastal markets, has acquired an industrial property in Long Island City, Queens, New York, for approximately $7.6 million.

The purchase was completed on April 24, 2025. Located at 43-27 33rd Street, the property features a 20,000-square-foot industrial distribution building on 0.5 acres. It offers four grade-level loading positions and is situated near Queens Boulevard (New York State Route 25), about a mile from the Queensboro Bridge. The site is fully leased through December 2027 to a commercial bakery and kitchen.

The estimated stabilized capitalization rate for the property is 4.6%. This figure is based on the annualized cash net operating income stabilized to a market occupancy rate of approximately 95%, divided by the total acquisition cost—which includes the purchase price, due diligence, closing expenses, and estimated near-term capital and leasing costs.

This acquisition underscores Terreno's ongoing strategy of investing in industrial real estate across New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C.

TRNO is currently trading at $56.92, or 0.18% lower on the NYSE.