Terreno Realty Corporation announced the purchase of an 81,000‑square‑foot cross‑dock distribution facility on a four‑acre site in College Point, Queens, for approximately $92 million. The shell‑conditioned property features 13 dock‑high loading positions, three grade‑level loading areas, and parking for 226 vehicles, and is slated for interior finishes by early 2027.
The acquisition aligns with Terreno’s disciplined infill strategy, targeting scarce industrial sites surrounded by dense development and robust logistics infrastructure. By adding this asset, the REIT strengthens its presence in the New York City/Northern New Jersey core market, a region characterized by high barriers to entry and strong demand from e‑commerce and supply‑chain operators.
Prior to the purchase, Terreno owned 307 buildings; the new property brings the total to 309, reflecting a steady expansion of its portfolio in the six major coastal markets. The addition also enhances the REIT’s asset mix, providing a high‑density, high‑value location that complements its existing holdings in the area.
Terreno’s Q4 2025 results—released on February 4, 2026—showed revenue of $137.5 million, up from $127.6 million in consensus estimates, and an FFO per share of $0.83 versus the $0.77 consensus. The earnings beat was driven by $18.4 million in lease‑termination income and disciplined cost management, underscoring the company’s ability to generate cash flow in a tight market. The acquisition adds to this momentum by securing a strategically located asset that is expected to generate stable rental income once completed.
The New York City/Northern New Jersey market remains one of Terreno’s six core coastal regions, with limited supply of well‑located industrial space. The company’s focus on infill sites in high‑density areas positions it to capture long‑term demand from logistics and e‑commerce operators, while the property’s proximity to major transportation corridors enhances its value proposition.
Terreno’s development pipeline includes six properties totaling approximately 1.2 million square feet slated to stabilize between 2026 and 2028. The Queens property, currently a shell, is part of this pipeline and is expected to be fully finished and leased by early 2027, further expanding the REIT’s footprint in a high‑growth market.
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