Terreno Buys NYC Industrial Asset for $92M

Terreno Realty Corp. has expanded its New York/New Jersey industrial portfolio with the acquisition of College Point Logistics Center in Queens, N.Y., for $92 million. Wildflower Ltd. previously owned the property, according to Yardi Matrix information.

The three-story building at 28-10 Whitestone Expressway has nearly 81,000 square feet of warehouse space on the ground floor and 159,656 square feet of structured parking on levels two and three.

Wildflower and joint venture partner Drake Real Estate Partners broke ground on the project in 2022. The following year, the duo received a $94 million loan arranged by Walker & Dunlop for the $146 million development. The property was shell-complete by fall 2024.

Terreno intends to build out the shell, adding interior finishes and an 8,000-square-foot office, for a total investment of $103.4 million. The work is expected to be completed in early 2027.

Developed on leased land

Despite having developed the facility in the early 2020s, Wildflower came into possession of the 4-acre site only later. Adam Gordon, managing partner of Manhattan-based firm, acquired the property in February 2025 for $35.8 million from The New York Times, which operates a printing plant on an adjacent site. The newspaper giant had owned the site for decades before selling it to Gordon.

Crain’s New York Business reported Gordon leased the property for about three years prior to the purchase, with plans to develop the industrial facility, ideally for an e-commerce user. Gordon is an active Amazon warehouse developer in the New York City area, according to the Commercial Observer.

Wildflower owns and operates several other industrial assets in the New York City and Long Island, N.Y., area. Properties include the 422,398-square-foot JFK Logistics Center, also in Queens, and the 193,800-square-foot Brooklyn Logistics Center in Brooklyn.

Closer look at College Point Logistics Center

The cross-dock distribution building has a 36-foot clear height, 13 dock-high doors, three grade-level loading positions and parking for 226 vehicles. Situated along the Whitestone Expressway, the property is approximately 1 mile from the Van Wyck Expressway and Grand Central Parkway and 3 miles east of LaGuardia Airport.

It is less than 11 miles from JFK International Airport, about 3 miles from Interstate 495 and just over 5 miles from Interstate 287. More than 15 million consumers can be reached within 1 hour from the site.

Terreno’s growing portfolio

Terreno acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York/New Jersey, Miami, Los Angeles, the San Francisco Bay Area, Los Angeles and Washington, D.C. The firm’s portfolio totaled 19.8 million square feet across 309 buildings as of Dec. 31.

In September, Terreno acquired a three-building, 509,000-square-foot portfolio of distribution properties in Kearny, N.J., and Doral, Fla., for an aggregate price of approximately $194 million. The purchase completed a multi-market portfolio deal involving about 1.2 million square feet that traded for a combined $426.9 million.

The firm had acquired the Woodinville, Wash., portion of the portfolio in August for $232.6 million. The six Seattle-area buildings were a mix of flex/industrial and manufacturing assets that were about 91 percent leased at the time of sale.