Terrano Picks Up Queens, N.Y. Property For $50M
Date
12/31/2024 10:10:49 AM
(MENAFN- Baystreet)
Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial Real estate in six major coastal U.S. markets, acquired an industrial property located in Maspeth Queens, New York on December 27, 2024 for a purchase price of approximately $50.1 million.
The property consists of one industrial transshipment building containing approximately 33,000 square feet on 2.6 acres. The property is at 49-15 Maspeth Avenue, less than one mile from the intersection of I-278 (Brooklyn-Queens Expressway) and I-495 (Queens Midtown/Long Island Expressway), provides 40 dock-high and four grade-level loading positions, 50 additional trailer positions and parking for 31 cars. The property is 100% leased to a plumbing, heating, HVAC and industrial products distributor and the estimated stabilized cap rate is 4.5%.
Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) 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-term capital expenditures and leasing costs necessary to achieve stabilization.
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle and Washington, D.C.
TRNO shares began the last session of 2024 up 57 cents, or 1%, to $59.55.
MENAFN31122024000212011056ID1109045066
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.