Terreno Realty buys JFK Airgate buildings for $53M
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.
Cushman & Wakefield brokered the sale, according to CoStar.
In total, Terreno manages 6.7 million square feet among 92 buildings in the U.S.