**Terreno Realty Acquires Long Island City Industrial Property in All-Cash Deal**
Terreno Realty has acquired a two-story, 36,000-square-foot industrial property located at 11-40 Borden Avenue in Long Island City. The property was sold by Wickersham Realty LLC, which had owned the asset for over 50 years.
The transaction, which was completed entirely in cash, closed at a 4.4% capitalization rate. Chad Sinsheimer, partner at Adirondack Capital Partners, served as the exclusive broker for both the buyer and the seller.
“11-40 Borden Avenue’s prime location and long-term ownership history made this a rare opportunity—it hadn’t traded in over 50 years,” said Sinsheimer. “This deal reflects the enduring strength of Long Island City’s industrial market. Even as the broader commercial real estate sector faces headwinds, well-located, income-producing assets continue to draw strong interest from both institutional and private buyers. We were pleased to represent both sides and help bring the deal to a successful close.”
The property is fully leased through May 2028 to a distributor specializing in insulation materials.
