Terreno Realty Corporation buys industrial property for $24 million

San Francisco-based real estate investment trust company Terreno Realty Corporation has acquired an industrial property for $24.0 million.The property is located in Maspeth Queens, New York.

The property consists of one industrial transshipment building containing approximately 18,000 square feet on approximately 2.0 acres.It is also adjacent to the intersection of the Brooklyn-Queens Expressway and the Long Island Expressway.

The property is at 56-85 49th Street, provides 36 dock-high loading positions, parking for 22 trailers and is 100% leased to one tenant on a short-term basis. The estimated stabilized cap rate of the property is 5.3%.