Terreno acquires industrial property in Red Hook Brooklyn for $27.5M

Terreno Realty acquired an industrial property located in Red Hook, Brooklyn, New York on October 11 or a purchase price of approximately $27.5M. The property consists of one industrial flex building containing approximately 96,000 square feet on 3.8 acres. The property is at 185 Van Dyke Street, on the Upper New York Bay waterfront, provides two dock-high and ten grade-level loading positions and off-street parking for 26 cars. The property is 66% leased to 19 tenants and the estimated stabilized cap rate is 6.4%.