Terreno Realty Acquires Red Hook Warehouse for $26M

Terreno Realty has acquired a warehouse along the Red Hook, Brooklyn, waterfront.

Terreno announced Monday the purchase of the 28,000-square-foot industrial property at 659 Court Street for $26.3 million from California-based LBA Properties, which made a pretty penny since buying it less thana year and a half ago for $7 million, according to property records.

The building sits right on the banks of the East River with parking for 70 cars and two loading bays, according to the buyers. The warehouse is also leased to a maritime goods and services provider.

It’s unclear who brokered the deal. LBA did not immediately respond to a request for comment, while Terreno did not immediately respond to a request for additional comment.

With 145,800 square feet of buildable space with the addition of air rights, the price for the property has fluctuated dramatically over the years.

Buckeye Partners, which sold the property to LBA in March 2025, acquired it themselves in 2013 for $15.5 million, but paid $92.1 million in a real property transfer tax in late 2019, according to property records.

The transaction follows on strong leasing fundamentals reported in the industrial sector in the second quarter of 2026.

CBRE clocked leasing at an 11 percent increase year-over-year to 268.7 million square feet across the U.S., while vacancies dropped to 6.5 percent, according to the report.

Mark Hallum can be reached at mhallum@commercialobserver.com.