Terreno Realty Corporation has snapped up a newly built warehouse in College Point, dropping about $92 million on a three-story, cross-dock distribution building at 28-10 Whitestone Expressway in Queens, the company said.
The shell-complete structure clocks in at roughly 81,000 square feet of industrial space, plus two floors of enclosed parking on a roughly 4.0-acre site. It is outfitted with 13 dock-high and three grade-level loading positions, a setup clearly aimed at high-velocity logistics users rather than sleepy storage.
Terreno pegs its total investment at about $103.4 million once interior finishes are completed, including roughly 8,000 square feet of office space, with work expected to wrap in early 2027. The deal adds another piece of modern logistics capacity to the Whitestone-LaGuardia corridor at a time institutional buyers are still hunting for infill warehouse product inside city limits.
Inside the Deal
According to a press release distributed via Business Wire, Terreno closed on the property on February 18, 2026, paying approximately $92.0 million. The company describes the site as a cross-dock industrial distribution building with two floors of indoor parking on a 4.0-acre lot.
The release lists an estimated stabilized cap rate of 5.4 percent and notes that the building is currently "shell complete". Interior permitting and build-out are next on the to-do list, with those finishes scheduled ahead of leasing.
How the Site Changed Hands
Before Terreno entered the picture, local records show that Wildflower Ltd. led the development of the project. Wildflower bought the parcel from The New York Times for about $35.8 million in early 2025, according to PincusCo.
To fuel construction, Wildflower lined up roughly $94 million in financing for the College Point project, as first reported by Commercial Observer. The size of that loan underlined just how much institutional capital was willing to back a modern build-to-suit style logistics play in northern Queens.
Why the Whitestone Location Matters
The property sits right off the Whitestone Expressway and a short drive from the Van Wyck Expressway and Grand Central Parkway, putting it within quick reach of LaGuardia Airport and key cross-city distribution routes, according to commercial listings for the College Point Logistics Center.
LoopNet listings spotlight the building's 13 loading docks, high clear heights and extensive structured parking, features that tend to pull in last-mile and e-commerce users that need easy truck flow and dense coverage. Industry research indicates that New York's industrial market was stabilizing toward the end of 2025, with demand firming up for well-located infill product, according to Cushman & Wakefield.
What Comes Next
Terreno has not announced any tenants yet. In its materials, the company says it plans to complete the interior work, then bring the property to market once finishes are in place.
The purchase lines up with a broader pattern of institutional buyers and Terreno itself targeting Queens industrial assets, as the REIT laid out in a recent investor update on its New York activity. The through line is clear, investors still want modern, in-city industrial stock, even as the market continues to absorb a wave of new space.
Terreno supplied the company figures and the project timetable.
As Terreno moves through construction and leasing, city transfer records and new tenant announcements are likely to follow. This story will be updated if Terreno discloses occupiers or records additional property transfers with the city.
