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 Maspeth Queens, New York on December 27, 2024 for a purchase price of approximately $50.1 million.
The property consists of one industrial transshipment building containing approximately 33,000 square feet on 2.6 acres. The property is at 49-15 Maspeth Avenue, less than one mile from the intersection of I-278 (Brooklyn-Queens Expressway) and I-495 (Queens Midtown/Long Island Expressway), provides 40 dock-high and four grade-level loading positions, 50 additional trailer positions and parking for 31 cars. The property is 100% leased to a plumbing, heating, HVAC and industrial products distributor and the estimated stabilized cap rate is 4.5%.
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.
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle and Washington, D.C.
TRNO shares began the last session of 2024 up 57 cents, or 1%, to $59.55.