Terreno Realty Acquires LIC Industrial Facility From UPS

Terreno Realty, an owner and operator of industrial real estate, acquired the building at 49-10 27th Street in Long Island City, Queens, for approximately $31.1 million, the company announced Wednesday.

The 47,200-square-foot, single-floor building was previously owned by United Parcel Service (UPS), according to PropertyShark. It was used as a self-service UPS Customer Center. 

The vacant property is adjacent to the entrance to the Queens-Midtown Tunnel, the company said, and includes “10 dock-high and 14 grade-level loading positions.”

Terreno plans an extensive renovation for the building, including a new configuration for loading trucks, new offices, and new lighting inside and outside the warehouse. The company is also considering raising the roof. The renovation is expected to be completed in 2026, and the company notes that the project is “expected to have a total investment of approximately $40.2 million.”

Terreno has been on something of a tear when it comes to purchasing properties in New York. 

The company acquired a 96,000-square-foot industrial building at 185 Van Dyke Street in Red Hook, Brooklyn, in 2023 from Lande Alexander for $27.5 million; 21 lots from an industrial portfolio near JFK Airport from Blackstone in 2024 for $246 million; an Amazon-leased warehouse at 280 Richards Street in Red Hook in 2024 from Thor Equities for $157 million; and a 33,000-square-foot industrial building at 49-15 Maspeth Avenue in Maspeth, Queens, from XPO for $50.1 million, as Commercial Observer previously reported.    

Terreno currently owns 298 buildings covering 19.3 million square feet throughout New York, Northern New Jersey, Los Angeles, Miami, the San Francisco Bay Area, Seattle and Washington, D.C., according to the company’s website.     

Terreno did not immediately respond to a request for further comment. 

Larry Getlen can be reached at lgetlen@commercialobserver.com