Terreno Realty Expands Portfolio With Property Buyout in Brooklyn

Terreno Realty (TRNO) has announced the shelling of $156.3 million for the acquisition of industrial property in Red Hook, Brooklyn, NY. Included in the above acquisition price is a $72.9 million, 3.85% interest-only loan, set to mature in March 2028. The transaction marks an estimated stabilized cap rate of 4.8% and it comes after the recent purchase of a property in Long Island City Queens, NY, for around $7.6 million with an estimated stabilized cap rate of 5.7%.The Brooklyn property under consideration ...