Terreno Realty Corporation closed a purchase of a 0.5‑acre improved land parcel at 4‑28 33rd Street in Long Island City, Queens, for $4.7 million on November 17 2025. The transaction adds a strategically positioned asset adjacent to the company’s existing 43‑27 33rd Street site and sits near Queens Boulevard and the Queensboro Bridge, a key logistics corridor.
The new parcel is 35 % leased and is expected to generate additional rental income as the company expands its footprint in the New York City metropolitan area, a core market for Terreno’s growth strategy. The acquisition’s estimated stabilized cap rate of 6.4 % aligns with the firm’s target return for infill properties in high‑barrier coastal markets.
While the $4.7 million price tag is modest compared to recent larger deals—such as the $194.3 million Doral, FL portfolio and the $232.6 million Woodinville, WA acquisition—this purchase demonstrates Terreno’s disciplined approach to adding high‑quality assets that can be leveraged for long‑term value creation.
The deal fits into Terreno’s broader pipeline, which as of early November included three properties under contract for $82.3 million and a letter of intent for $11.4 million. The Queens parcel strengthens the company’s presence in the New York City/Northern New Jersey market, where it already owns several infill sites that benefit from high demand for logistics and e‑commerce space.
The acquisition comes shortly after Terreno reported strong Q3 2025 earnings, with net income of $103.4 million and funds from operations of $69.0 million—up 78 % and 14 % respectively from the same quarter a year earlier. The company’s operating occupancy of 96.2 % and a 17.2 % rise in cash rents on new and renewed leases underscore the robust demand that underpins the value of the new asset.
Management has emphasized that the company’s focus remains on infill locations in high‑barrier coastal markets, and the Queens purchase exemplifies that strategy by adding a parcel that can be redeveloped or integrated with existing assets to enhance operational efficiency and rental income.
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