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Terreno Closes Second LIC Acquisition in the Space of a Month
Industrial real estate REIT Terreno Realty Corporation has again acquired property in Queens, paying $31.1 million for 49-10 27th St. in Long Island City. The seller was not disclosed.
The property consists of one vacant industrial distribution building spanning approximately 48,000 square feet on 2.2 acres. It’s adjacent to the entrance to the Queens-Midtown Tunnel and provides 10 dock-high and 14 grade-level loading positions.
Terreno plans to 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, expected 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%.
The acquisition is Terreno’s second in Long Island City in the space of a month. In mid-June, the company disclosed it had paid $16 million to acquire 11-40 Borden Ave.
- ◦Sale/Acquisition


