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New York & Tri-State  + Outer  + Industrial  | 

Terreno Realty Adds Long Island City Industrial for $23M

Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in the Long Island City neighborhood of Queens. The purchase price was approximately $23.0 million.

Located at 42-11 9th St., the property consists of one industrial distribution building containing approximately 45,000 square feet on 1.1 acres. It’s immediately adjacent to the Queensboro 59th Street Bridge connecting Manhattan and Queens, and provides one dock-high and two grade-level loading positions and off-street parking for 13 cars.

The property is 100% leased on a short-term basis and the estimated stabilized cap rate is 5.2%. The seller wasn’t disclosed.

Based in Bellevue, WA, Terreno has amassed a New York-New Jersey industrial portfolio comparable in size to its Seattle-area holdings. The company also owns and operates properties in Los Angeles, the Bay Area, Miami and Washington, DC.

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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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