Terreno Realty Corporation, a prominent player in the industrial real estate sector, has recently acquired a significant property in Long Island City, Queens, New York, for approximately $31.1 million. The acquisition, completed on June 30, 2025, involves an industrial distribution building spanning 48,000 square feet on 2.2 acres, strategically located at 49-10 27th Street near the Queens-Midtown Tunnel. Currently vacant, the property is set for substantial renovations by Terreno Realty, including upgrades to truck loading configurations, office and warehouse spaces, and exterior lighting, with potential roof modifications. The total investment is projected to reach $40.2 million, with renovations expected to be completed in 2026. The estimated stabilized cap rate for the property is 5.5%. Terreno Realty Corporation continues to expand its footprint across major coastal U.S. markets, including New York City, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C.