Terreno Acquires JFK Airgate Center Buildings for $53.1M

Terreno Realty Corporation, a Maryland corporation focused on acquiring industrial real estate, announced that it has purchased four buildings and an adjacent 0.2 acre land parcel in Queens, New York for $53.1 million, or roughly $232 per square foot. While terms of the deal were not disclosed, it is known that AMB Property Corporation, which merged with Prologis in 2011, previously purchased the properties for $34.4 million.

JFK Airgate Center includes three industrial warehouses and one office building with underground parking amenities and quick access to the JFK cargo area via a ramp two blocks from the property. The properties were approximately 98.6% leased at the time of sale to 18 tenants, including some of the largest international air cargo and logistics firms. The individual properties are:

Airgate I – front-load warehouse/distribution building containing approximately 65,000 square feet with 14 dock-high and 3 grade level loading positions and parking for 56 cars at 151-02 132nd Avenue;

Airgate II - front-load warehouse/distribution building containing approximately 66,000 square feet with 12 dock-high and 3 grade level loading positions and parking for 76 cars at 150-10 132nd Avenue;

Airgate III - front-load warehouse/distribution building containing approximately 73,000 square feet with 18 dock-high and 1 grade level loading positions and parking for 138 cars at 152-02 Baisley Boulevard; and

Airgate IV – office building containing approximately 25,000 square feet and parking for 58 cars at 152-01 133rd Avenue.

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