Terreno Realty (TRNO) acquired an industrial property located in Long Island City Queens, New York for a purchase price of approximately $7.6M. The property consists of one industrial distribution building containing approximately 17,000 square feet on 0.4 acres. The property is at 48-29 31st Place, adjacent to I-495 approximately one mile from the Queens Midtown Tunnel, provides one dock-high, one van-level and one grade-level loading positions and parking for seven cars. The property is vacant and the estimated stabilized cap rate is 5.7%.
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