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Terreno Nabs Red Hook Warehouse for $156M
Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, has acquired an industrial property located in the Red Hook section of Brooklyn. The $156.3-million purchase price includes the assumption of an approximately $72.9 million 3.85% interest-only loan which matures in March 2028.
Published reports identified the seller as Thor Equities, which developed the warehouse and put it on the market this past summer. The 312,000-square-foot property is at 280 Richards St. and provides five dock-high and five grade-level loading positions and parking for 349 cars, including 179 rooftop parking positions. The property has riparian access and is 100% leased to a leading e-commerce firm, reportedly Amazon.
The New York/New Jersey region represents the second largest market for Bellevue, WA-based Terreno, with just under 3.5 million square feet. South Florida is its largest market at slightly less than 3.9 million square feet.
- ◦Sale/Acquisition
