Terreno Realty picks up LIC industrial property for $23M
Posted On March 14, 2023
JLL Capital Markets has arranged the $23 million sale of a 55,000-square-foot warehouse with development potential for more than 320,000-square-feet ZFA (Zoning Floor Area) in Long Island City, Queens.
JLL marketed the property on behalf of the seller, Titan Contracting Corp., a leading New York City design-build contractor that specializes in high-impact design projects. The buyer is Terreno Realty, which acquires, owns and operates industrial real estate in six major coastal U.S. markets, including New York City.
Located at 42-11 Ninth St. in Long Island City, the existing warehouse offers a minimum of 17-foot ceiling heights throughout, three overhead drive-in doors and private offices with a separate entrance. The facility provides unmatched transportation access, situated steps from multiple subway lines and LIRR at Queensboro Plaza, and near area highways and JFK and La Guardia airports.
In addition to as-is potential, the property benefits from flexible zoning designation that would support the development of studios, industrial, logistics, life sciences and office, among other uses. The property, which features 695 feet of wrap-around frontage, comprises more than 320,000 ZFA.
The JLL Capital Markets investment sales team representing the seller included Managing Directors Michael Mazzara, Ethan Stanton and Winfield Clifford, and Senior Managing Directors Stephen Palmese and Brendan Maddigan.
“This is an extraordinary opportunity for near-term industrial use with the potential for development in a wide variety of sectors,” said Mazzara. “The property benefits from its location in the heart of Long Island City, which is experiencing enormous growth, with 13 million square feet of office space and a diverse array of local and international businesses.”