Terreno Realty Corporation closed the purchase of a 0.5‑acre improved parcel at 4‑28 33rd Street in Long Island City, Queens, for approximately $4.7 million. The parcel sits directly adjacent to Terreno’s existing 43‑27 33rd Street site and lies within a key logistics corridor near Queens Boulevard and the Queensboro Bridge, positioning the company to serve the growing e‑commerce and distribution demand in the New York City/Northern New Jersey market.
The acquisition is part of Terreno’s core strategy to acquire infill industrial real estate in high‑barrier coastal markets. The new parcel is 35 % leased to a single tenant, providing immediate rental income while the company works to stabilize the remaining space. By adding this asset, Terreno expands its footprint in a market where it already owns multiple properties, reinforcing its presence in a region with limited supply and strong demand.
Terreno’s Q3 2025 earnings report showed net income of $103.4 million, up from $36.5 million in Q3 2024, and full‑year 2024 sales of $382.62 million versus $323.59 million in 2023. The $4.7 million acquisition fits within the company’s broader growth trajectory, adding value to a portfolio that has been expanding steadily through targeted purchases and development projects.
CEO W. Blake Baird highlighted that the company focuses on infill properties at a discount to replacement cost, emphasizing the strategic advantage of acquiring functional, flexible sites that can be modified for single or multiple tenants. CFO Jaime Cannon noted that the acquisition enhances portfolio diversification and provides a platform for future value creation through renovation and operational improvements.
Analysts have responded positively to Terreno’s continued acquisition activity. Scotiabank upgraded the company to “Sector Outperform” and Piper Sandler to “Overweight,” citing the company’s disciplined approach to high‑barrier markets and its recent portfolio expansion. The acquisition strengthens Terreno’s competitive position in a market that remains attractive to logistics operators and distribution centers.
The $4.7 million purchase demonstrates Terreno’s disciplined execution of its growth strategy, adding a strategically located asset that will generate rental income and enhance the company’s presence in a key logistics corridor. The transaction aligns with the company’s focus on infill industrial real estate and supports its long‑term value‑creation objectives.
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