Terreno Realty Corporation acquired an industrial distribution property at 175 Canal Street West in the Bronx, New York, for about $9.8 million. The 38,000-square-foot building on 0.9 acres is fully leased for one year, after which Terreno plans to demolish a portion and renovate the site to a roughly 29,000-square-foot facility with seven grade-level loading positions and off-street parking. Total expected investment is $12.2 million, with a stabilized cap rate estimated at 5.3% initially and 6.1% after renovation.

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