Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Long Island City Queens, New York on June 18, 2025 for a purchase price of approximately $16.0 million.
The property consists of one industrial distribution building containing approximately 36,000 square feet on 1.0 acres. The property is at 11-40 Borden Avenue, adjacent to the entrance to the Queens-Midtown Tunnel and the Pulaski Bridge, and provides two dock-high and one van-level loading positions. The property is 100% leased through May 2028 to an insulation distributor and the estimated stabilized cap rate is 3.9%.
Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer's due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.