Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired four buildings containing approximately 229,000 square feet and an adjacent 0.2 acre land parcel in Queens, New York on December 27, 2013 for a purchase price of approximately $53.1 million.
JFK Airgate is located approximately one-half mile north of John F. Kennedy International airport adjacent to Rockaway Boulevard, the Belt Parkway and the Van Wyck Expressway. The property is approximately 98.6% leased to 18 tenants, including some of the largest international air cargo and logistics firms, as follows:
Airgate I – front-load warehouse/distribution building containing approximately 65,000 square feet with 14 dock-high and 3 grade level loading positions and parking for 56 cars at 151-02 132 nd Avenue;
Airgate II - front-load warehouse/distribution building containing approximately 66,000 square feet with 12 dock-high and 3 grade level loading positions and parking for 76 cars at 150-10 132 nd Avenue;Airgate III - front-load warehouse/distribution building containing approximately 73,000 square feet with 18 dock-high and 1 grade level loading positions and parking for 138 cars at 152-02 Baisley Boulevard; Airgate IV – office building containing approximately 25,000 square feet and parking for 58 cars at 152-01 133 rd Avenue; and Land Parcel – approximately 0.213 acre paved and fenced land parcel with parking for 27 cars at Baisley Blvd and 132 nd Avenue. The estimated stabilized cap rate of the property is 5.3%. Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.
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