Terreno Adds to NYC Portfolio with Red Hook Acquisition

Terreno Realty Corporation, a Bellevue, WA-based owner and operator of industrial real estate, acquired an industrial property located in Red Hook Brooklyn, for approximately $26.3 million. The seller was not identified.

Located at 659 Court St., the property consists of one industrial distribution building containing approximately 28,000 square feet on 1.5 acres. It provides two grade-level loading positions and parking for 70 cars. The property has riparian access and is 100% leased to a maritime goods and services provider. The estimated stabilized cap rate is 5.2%.

Terreno 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, DC. Its NYC/NJ portfolio now encompasses 69 properties totaling nearly 3.6 million square feet, making it the largest by building count among the six markets.

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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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