Terreno Realty Corp., an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Brooklyn, N.Y., on Dec. 11, 2024, for a purchase price of approximately $156.3 million. The purchase price includes the assumption of an approximately $72.9 million 3.85 percent interest-only loan which matures in March 2028.
The property consists of one 36-foot clear height industrial distribution building containing approximately 312,000 leasable square feet on 16 acres. The property, at 280 Richards St. in Red Hook, provides five dock-high and five grade-level loading positions and parking for 349 cars, including 179 rooftop parking positions. The property has riparian access, is 100 percent leased to a leading ecommerce firm and the estimated stabilized cap rate is 4.8 percent.
Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally
