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Terreno Realty buys Red Hook Brooklyn industrial property for $26.3 million
The 28,000-square-foot distribution building at 659 Court St. is 100% leased and has an estimated stabilized cap rate of 5.2%.
Terreno Realty Corporation has acquired an industrial distribution property in Red Hook, Brooklyn, for approximately $26.3 million, according to ConnectCRE.
The asset is located at 659 Court St. and includes one industrial distribution building totaling about 28,000 square feet on 1.5 acres, with two grade-level loading positions and parking for 70 cars.
The property has riparian access and is fully leased to a maritime goods and services provider, with an estimated stabilized cap rate of 5.2%.
ConnectCRE reports the transaction adds to Terreno’s coastal industrial footprint across markets including New York City and Northern New Jersey, where its portfolio now includes 69 properties totaling nearly 3.6 million square feet by building count.