Terreno Realty Corporation Leases Redevelopment in Queens, New York

Core Viewpoint - Terreno Realty Corporation has announced a full-property lease for a redevelopment property in Long Island City, Queens, New York, indicating a strategic expansion in the industrial real estate sector [1]. Group 1: Property Details - The property consists of one industrial distribution building with approximately 48,000 square feet on 2.2 acres [2]. - Located at 49-10 27th Street, the property is adjacent to the entrance of the Queens-Midtown Tunnel and features ten dock-high and 14 grade-level loading positions [2]. - The total investment for the redevelopment is $35.8 million, with the property fully leased to a contractor and rigging provider starting December 2025 and expiring August 2036 [2]. Group 2: Financial Metrics - The estimated stabilized cap rate for the property is 5.7% [2]. - Stabilized cap rates are calculated based on annualized cash basis net operating income stabilized to market occupancy, generally at 95%, divided by total acquisition cost [3]. Group 3: Company Overview - Terreno Realty Corporation operates 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. [4]. - The company focuses on acquiring, owning, and operating industrial real estate, highlighting its commitment to the industrial sector [4].