Terreno Realty Secures $98.8M Queens Industrial Lease with E-Commerce Tenant
Event summary
- Terreno Realty leased an 81,000 sq ft industrial property in College Point, Queens to a leading e-commerce firm.
- The lease commenced July 24, 2026 and runs through July 2029 with four renewal options (1x 10-year, 3x 5-year).
- Total expected investment: $98.8M with an estimated stabilized cap rate of 6.4%.
- Property includes additional two floors of indoor parking on 4.0 acres.
The big picture
This lease underscores continued e-commerce demand for strategic urban industrial space. The 6.4% cap rate suggests moderate yield expectations compared to other coastal markets where Terreno operates. The inclusion of parking space highlights evolving requirements for last-mile logistics facilities. With $98.8M invested, this represents a significant commitment to New York's industrial sector.
What we're watching
- Renewal Risk
- Whether the tenant will exercise renewal options given early termination flexibility during initial term.
- Cap Rate Stability
- How this 6.4% cap rate compares to Terreno's other coastal market investments.
- E-Commerce Demand
- The pace at which similar industrial leases will materialize in NYC metro area.