Terreno Realty Corp. Pays $53.1 Million for Industrial Buildings in Queens, NY
- Jan 03, 2014
San Francisco-based Terreno Realty Corporation recently acquired a real estate portfolio marketed under the name JFK Airgate and an adjacent parcel in Queens for a purchase price of $53.1 million, or around $232 per square foot. According to a blog post by Philip Blumberg, JFK Airgate’s previous owner was AMB Property Corporation (it later merged with Prologis) which purchased it for $34.4 million in 2005.
According to a press release from the company, JFK Airgate is located one-half mile north of John F. Kennedy International Airport and close to Rockaway Boulevard, the Belt Parkway and the Van Wyck Expressway, while the 0.2-acre paved and fenced land parcel is located at Baisley Boulevard and 132nd Avenue and has 27 parking spaces.
Totaling nearly 230,000 square feet of space, JFK Airgate includes four commercial buildings which were 98.6 percent leased at the time of acquisition by 18 tenants, including some of the largest international air cargo and logistics firms.
The buildings acquired by Terreno Realty Corporation are as follows:
- Airgate I – a two-story warehouse located at 151-02 132nd Avenue. According to data from PropertyShark.com, the facility was built in 1987; it has approximately 65,000 square feet of usable storage space and parking spots for 56 cars.
- Airgate II – a 66,000-square-foot front-load warehouse with 12 dock-high and 3 grade level loading positions. The building is located at 150-10 132nd Avenue and has 76 parking spaces.
- Airgate III – a two-story warehouse located at 152-02 Baisley Boulevard. The building contains 73,000 square feet of storage space and features 18 dock-high and 1 grade level loading positions, as well as 138 parking spaces.
- Airgate IV – a 25,000-square-foot office building with 58 parking spaces located at 152-01 133rd Avenue.
Terreno Realty Corporation is a San Francisco-based company that focuses on acquiring and operating industrial real estate in six major U.S. coastal markets.