1. TRNO acquired a $31.1 million industrial property in Long Island City. 2. The property spans 48,000 sq. ft. and is vacant. 3. Renovation to incur $40.2 million, with completion expected in 2026. 4. Projected stabilized cap rate is pegged at 5.5%. 5. TRNO operates in six major U.S. coastal markets.
The acquisition and renovation plans demonstrate TRNO's growth strategy and market confidence. A similar acquisition strategy in the past has led to increased revenue for TRNO.
The article outlines a significant acquisition that could positively influence TRNO's future performance. The financial details and growth potential align well with investor interests.
The benefits from the renovation and stabilized cap rate will materialize post-2026. Long-term industrial property demand is expected to grow, benefitting TRNO's investments.
BELLEVUE, Wash.--(BUSINESS WIRE)-- 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 Long Island City, Queens, New York on June 30, 2025 for a purchase price of approximately $31.1 million.
The property consists of one industrial distribution building containing approximately 48,000 square feet on 2.2 acres. The property is at 49-10 27th Street, adjacent to the entrance to the Queens-Midtown Tunnel, and provides ten dock-high and 14 grade-level loading positions. The property is vacant. Upon acquisition, Terreno Realty Corporation will substantially renovate the building including new truck loading configurations, new office, new warehouse and exterior lighting, slab repair, and possibly a roof raise. The renovated property, expected to be completed in 2026, is expected to have a total investment of approximately $40.2 million and the estimated stabilized cap rate is 5.5%.
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.
Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “result,” “should,” “will,” “seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,” “potential,” “enthusiastic,” “future” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2024 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.