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 Long Island City, Queens, N.Y., on June 30, 2025, for a purchase price of approximately $31.1 million.
The property consists of one industrial distribution building containing approximately 48,000 square feet on 2.2 acres. The property is at 49-10 27th Street, adjacent to the entrance to the Queens-Midtown Tunnel, and provides 10 dock-high and 14 grade-level loading positions. The property is vacant. Upon acquisition, Terreno will substantially renovate the building, including new truck loading configuration, new office, new warehouse and exterior lighting, slab repair, and possibly a roof raise. The renovated property, projected to be completed in 2026, is expected to have a total investment of approximately $40.2 million, and the estimated stabilized cap rate is 5.5 percent.
