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 Red Hook, Brooklyn, N.Y., on Aug. 13, 2026, for a purchase price of approximately $26.3 million.
The property consists of one industrial distribution building containing approximately 28,000 square feet on 1.5 acres. The property is at 659 Court St. and provides two grade-level loading positions and parking for 70 cars. The property has riparian access, is 100 percent leased to a maritime goods and services provider, and the estimated stabilized cap rate is 5.2 percent.
Estimated stabilized cap rates are calculated as annualized cash-basis net operating income, stabilized to market occupancy (generally 95 percent), 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-te
