Terreno Realty Buys Queens Industrial Property for $50M

Terreno Realty, which owns and operates industrial real estate across the U.S., has purchased an industrial property in Maspeth, Queens, for $50.1 million.

Terreno acquired the 33,000-square-foot industrial building at 49-15 Maspeth Avenue from transport company XPO, according to a company announcement made Tuesday.

It’s unclear who brokered the deal. Spokespeople for Terreno and XPO did not immediately respond to requests for comment.

The Maspeth property is currently fully leased to a plumbing, heating, HVAC and industrial products distributor, which the New York Business Journal reported was Massachusetts-based distributor FW Webb.

FW Webb signed a lease at the property during the third quarter of 2024, the Business Journal reported.

The site on the corner of Maspeth Avenue and Railroad Place contains four loading docks, 50 trailer positions and 31 car parking spaces, Terreno said.

Con-Way Freight last purchased the 2.6-acre site in 2012 for $9 million, according to the Business Journal. XPO then acquired Con-Way in 2015, according to an announcement from the company.

The Queens purchase comes soon after Terreno dropped $157 million to buy an Amazon-leased warehouse in Red Hook, Brooklyn, from Thor Equities.

Isabelle Durso can be reached at idurso@commercialobserver.com.