Terreno Realty (TRNO) announced it acquired an industrial property located in Long Island City Queens, New York on June 18, for a purchase price of approximately $16.0M. 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%.
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