SAN FRANCISCO--(BUSINESS WIRE)--Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Woodside Queens, New York on March 6, 2018 for a purchase price of approximately $25.2 million.

The property consists of one industrial distribution building that upon completion of renovation, expected by the end of 2018, will contain approximately 83,000 square feet on approximately 3.7 acres adjacent to the intersection of the Brooklyn-Queens Expressway and the Grand Central Parkway. The property is approximately one mile from LaGuardia Airport at 1 Bulova Avenue, provides six dock-high and one grade-level loading positions, parking for 168 cars and is 23% leased to one tenant on a short-term basis. The estimated stabilized cap rate of the property is 5.7%.

Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost. Total acquisition cost 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 stabilization.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.

Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.