Terreno Realty Buys Queens Industrial Building for $50.1M

by Taylor Williams

NEW YORK CITY — Terreno Realty Corp., an investment firm with offices in metro Seattle, San Francisco and New York City, has purchased a 33,000-square-foot industrial building in Queens for $50.1 million. The building sits on a 2.6-acre site at 49-15 Maspeth Ave. and features 40 dock-high and four grade-level loading positions, as well as parking for 31 cars and 50 trailers. The property was 100 percent leased at the time of sale to an HVAC and industrial products distributor. The seller was not disclosed. The sales price translates to a cap rate of 4.5 percent.

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