Terreno Realty Corp. acquires property in Brooklyn for $80m
Terreno Realty Corp. has acquired an industrial property located in Brooklyn, N.Y., for a purchase price of approximately $80.5 million.
The property consists of two industrial distribution buildings containing approximately 192,000 square feet on six acres in East Williamsburg. The property, at 134-154 Morgan Avenue, provides 31 dock-high and ten grade-level loading positions, parking for 45 cars and is 100 percent leased to eight tenants, all of which expire within four years. The estimated stabilized cap rate of the property is 4 percent.