US industrial real estate investor Terreno Realty has acquired an asset in New York for $92m (€78m).
The property at 28-10 Whitestone Expressway, located in College Point, Queens, consists of a cross-dock industrial distribution building containing approximately 81,000sqft with an additional two floors of indoor parking on 4 acres.
The asset is currently shell-complete, and Terreno Realty said it will permit and build out interior finishes, including roughly 8,000sqft of office space.
Terreno Realty said construction is expected to conclude in early 2027, with the total investment reaching $103.4m and an estimated stabilised cap rate of 5.4%.
Terreno Realty said the total acquisition cost of the property at 28-10 Whitestone Expressway, includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilisation.
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