U.S. industrial real estate owner and operator Terreno Realty Corp. has purchased an industrial property situated in Maspeth Queens, New York for an acquisition price of about $24 million.
The acquired property comprises one industrial transshipment building containing around 18,000 square feet on about 2 acres adjacent to the intersection of the Brooklyn-Queens Expressway and the Long Island Expressway.
The industrial property, 100 percent leased to one tenant on a short-term basis, provides 36 dock-high loading positions and parking for 22 trailers.
The estimated stabilized capitalization rate of the industrial property is 5.3 percent.