Terreno Realty (TRNO) acquired an industrial property located in Red Hook, Brooklyn, New York, on December 11 for a purchase price of approximately $156.3M. The purchase price includes the assumption of an approximately $72.9 million 3.85% interest-only loan which matures in March 2028. The property consists of one 36-foot clear height industrial distribution building containing approximately 312,000 leasable square feet on 16.0 acres. The property is at 280 Richards Street, provides five dock-high and five grade-level loading positions and parking for 349 cars, including 179 rooftop parking positions. The property has riparian access, is 100% leased to a leading e-commerce firm and the estimated stabilized cap rate is 4.8%.
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