Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired the former New York Times distribution center in College Point, Queens, for approximately $92 million. The price is more than double what seller Wildflower paid a year ago to acquire the property, according to published reports.
The property at at 28-10 Whitestone Expressway consists of a cross-dock industrial distribution building spanning approximately 81,000 square feet with an additional two floors of indoor parking on 4.0 acres. The property provides 13 dock-high and three grade-level loading positions and parking for 226 cars. The building is shell complete only.
Terreno said it will permit and construct interior finishes, including approximately 8,000 square feet of office, expected to be completed in early 2027. The total expected investment is $103.4 million and the estimated stabilized cap rate is 5.4%.
The post Terreno Pays $92M for Former NY Times Distribution Center appeared first on Connect CRE.
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