Terreno Realty Corporation Acquires Property in Queens, NY for $92.0 Million

Key Terms

cross-dock technical

Cross-dock is a logistics practice where incoming goods are moved directly from inbound to outbound vehicles with little or no storage time, like luggage transferred between planes at an airport hub instead of being shelved. For investors, cross-docking can cut inventory costs, speed customer deliveries and improve cash flow and margins, but it also depends on tight coordination and reliable transportation, so operational execution affects financial outcomes.

cap rate financial

The cap rate is a way to estimate how much money a real estate investment might generate relative to its purchase price. Think of it as a measure of the property's annual income divided by its value, helping investors compare different properties quickly. A higher cap rate generally indicates a potentially higher return but may also come with more risk.

net operating income financial

Net operating income is the profit a business makes from its core operations after subtracting the costs directly related to running those operations, but before accounting for taxes, interest, or other expenses. It shows how efficiently a company is generating income from its main activities. Investors use this figure to assess the company's operational performance and profitability.

dock-high technical

A dock-high loading area is a warehouse or distribution door built at a standard elevated height so truck trailers sit level with the warehouse floor for direct loading and unloading. Think of it like a raised driveway that lets forklifts roll straight into a van instead of using a ramp. Investors care because dock-high facilities move goods faster, reduce labor and equipment needs, and are more attractive to tenants, all of which affect operating costs and property value.

BELLEVUE, Wash.--(BUSINESS WIRE)-- Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in College Point, Queens, New York on February 18, 2026 for a purchase price of approximately $92.0 million.

The property consists of a cross-dock industrial distribution building containing approximately 81,000 square feet with an additional two floors of indoor parking on 4.0 acres. The property is at 28-10 Whitestone Expressway, immediately adjacent to the Whitestone Expressway, approximately 1 mile from the Van Wyck Expressway and Grand Central Parkway and approximately 3 miles east of LaGuardia airport. The property provides 13 dock-high and three grade-level loading positions and parking for 226 cars. The building is shell complete only. Terreno Realty Corporation will permit and construct interior finishes, including approximately 8,000 square feet of office, expected to be completed in early 2027. The total expected investment is $103.4 million and the estimated stabilized cap rate is 5.4%.

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.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle and Washington, D.C.

Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “result,” “should,” “will,” “seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,” “potential,” “enthusiastic,” “future” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

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Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation