Brooklyn Industrial Asset Commands $81M
- Sep 04, 2019
Terreno Realty Corp. has purchased a 192,000-square-foot industrial facility in Brooklyn, N.Y., for $80.5 million. Millstone Management Group traded the asset after two and a half years of ownership—the company paid $30 million for the property in March 2017, according to public records. Its estimated stabilized cap rate is 4 percent.
Situated on 6 acres at 134-154 Morgan Ave., the facility is within Brooklyn’s East Williamsburg neighborhood near Interstate 278, some 10 miles from John F. Kennedy International Airport. Built in 1962, the two-building industrial asset features 31 dock-high and 10 grade-level loading doors as well as 45 parking spaces. The buildings are fully leased to eight tenants, including an online retailer and an auto parts wholesaler. The leasing agreements are slated to expire in the next four years.
Terreno focuses on industrial acquisitions in six major coastal markets, including Los Angeles, New York and Seattle. In May, the firm paid nearly $48 million for 119,000 square feet in San Francisco.