Terreno Realty Corporation has completed a full-property lease for a recently redeveloped industrial asset in Long Island City, Queens, marking another strategic investment in one of New York City’s most supply-constrained industrial submarkets.
The company announced that the property, located at 49-10 27th Street, is now 100% leased following redevelopment. The site sits immediately adjacent to the Queens-Midtown Tunnel entrance, offering direct access to Manhattan and key regional transportation corridors, a location advantage that continues to attract logistics and service-oriented tenants.
The redeveloped property includes a single industrial distribution building totaling approximately 48,000 square feet on a 2.2-acre site. The facility is designed to support high-throughput operations, featuring ten dock-high loading positions and 14 grade-level doors. Terreno Realty’s total investment in the project was $35.8 million.
The building has been fully leased to a contractor and rigging services provider, with the lease commencing in December 2025 and extending through August 2036. Based on stabilized operations, Terreno Realty estimates a stabilized capitalization rate of 5.7%.
According to the company, stabilized cap rates reflect annualized cash-based net operating income adjusted to market-level occupancy—generally around 95%—divided by the total acquisition cost. That cost includes the initial purchase price, debt mark-to-market adjustments, due diligence and closing expenses, as well as near-term capital expenditures and leasing costs required to achieve stabilization.
The Queens redevelopment underscores Terreno Realty’s continued focus on infill industrial assets in major coastal markets, where limited land availability and strong demand from contractors, logistics providers, and urban service businesses continue to support long-term leasing fundamentals.
Terreno Realty acquires, owns, and operates industrial real estate across six primary U.S. coastal markets: New York City and Northern New Jersey; Los Angeles; Miami; the San Francisco Bay Area; Seattle; and Washington, D.C. The company’s strategy emphasizes functional, well-located industrial properties near population centers and transportation infrastructure.
Additional information about Terreno Realty Corporation and its portfolio is available on the company’s website at www.terreno.com.
Originally reported by Business Wire.
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