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**Terreno Closes Second Long Island City Acquisition in a Month**
Terreno Realty Corporation, an industrial real estate investment trust (REIT), has expanded its presence in Queens with the acquisition of a property located at 49-10 27th Street in Long Island City. The purchase price was $31.1 million. The identity of the seller has not been disclosed.
The property includes a vacant industrial distribution building of approximately 48,000 square feet situated on 2.2 acres. It is strategically located near the entrance to the Queens-Midtown Tunnel and features 10 dock-high and 14 grade-level loading positions.
Terreno plans an extensive renovation of the facility, which will include a revamped truck loading configuration, new office space, improved warehouse and exterior lighting, slab repair, and the potential for a raised roof. The improvements are expected to be completed in 2026, with a total investment projected at $40.2 million. Upon stabilization, the property is expected to generate a 5.5% cap rate.
This marks Terreno’s second acquisition in Long Island City within the past month. In mid-June, the company announced the purchase of 11-40 Borden Avenue in an all-cash deal worth $16 million.
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