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New York & Tri-State  + Outer  + Industrial  | 

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.

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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).

  • ◦Sale/Acquisition
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