The Real Deal New York

Terreno Realty buys JFK Airgate buildings for $53M

January 02, 2014 11:48AM

San Francisco-based real estate investment trust Terreno Realty Corporation paid $53.1 million for a portfolio of four properties just north of John F. Kennedy International Airport in Queens.

The JFK Airgate Center buildings — located half a mile from the airport — consist of three industrial warehouses and one office, ranging from 25,000 square feet to 73,000 square feet in size.

Collectively, the buildings are 98.6 percent leased to 18 tenants, mostly logistics and air cargo firms, the New York Observer reported. In addition, Terreno acquired a parcel for a 27-car parking lot next door, at Baisley Boulevard and 132nd Avenue, the Observer said.

A Prologis fund sold the properties, at 151-02 132nd Avenue, 150-10 132nd Avenue, 152-02 Baisley Boulevard and 152-01 133rd Avenue.

Cushman & Wakefield brokered the sale, according to CoStar.

In total, Terreno manages 6.7 million square feet among 92 buildings in the U.S.

In March, Terreno picked up a 50,000-square-foot warehouse in Miami for $5.1 million, as previously reported. [NYO]Mark Maurer