Terreno Buys JFK Airgate Properties
Gus Delaporte Jan. 2, 2014, 7:30 a.m.
Terreno Realty Corporation has acquired four buildings in Queens for $53.1 million, the company announced this week.
The buildings are located a half mile north of John F. Kennedy International Airport and are adjacent to Rockaway Boulevard, the Belt Parkway and Van Wyck Expressway. Totaling nearly 230,000 square feet, the buildings are 98.6 percent leased to 18 tenants, including air cargo and logistics companies.
Known as Airgate I, II, II and IV, the properties range in size from 25,000 square feet to 73,000 square feet. Airgate III, the largest of three warehouses in the portfolio, boasts 19 loading positions and parking for 138 cars.
Concurrent to the building acquisitions, Torreno purchased an adjacent 0.2 acre land parcel featuring parking for 27 cars.
A publicly traded real estate investment trust, Terreno Realty Corporation specializes in the acquisition and operation of industrial real estate in major U.S. coastal markets. The company manages approximately 6.6 million square feet across 92 properties.