Terreno Acquires LIC Industrial in All-Cash $16M Deal

Terreno Realty has acquired 11-40 Borden Ave., a two-story, 36,000-square-foot industrial property located in Long Island City. The seller was Wickersham Realty LLC, which has owned the property for more than 50 years.

Chad Sinsheimer, partner at Adirondack Capital Partners, served as the exclusive broker to both the buyer and the seller in the all-cash transaction, which came in at a 4.4% cap rate.

“11-40 Borden Ave.’s prime location and long-term ownership history made this a rare opportunity—it hadn’t traded in over 50 years,” said Sinsheimer. “This deal reflects the enduring strength of Long Island City’s industrial market. Even as the broader commercial real estate sector faces headwinds, well-located, income-producing assets continue to draw strong interest from both institutional and private buyers. We were pleased to represent both sides and help bring the deal to a successful close.”

The property is 100% leased through May 2028 to an insulation distributor.

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Adirondack Capital's Sinsheimer

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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