Terreno Realty Corporation has acquired 11-40 Borden Ave., a two-story, 36,000-square-foot industrial property located in Long Island City, Queens for $16 million.
Chad Sinsheimer, partner at Adirondack Capital Partners, served as the exclusive broker to both the buyer and the seller in the all-cash transaction. The property was acquired from Wickersham Realty LLC, which has owned the property for more than 50 years. The sale represents a 4.4% capitalization rate, reflecting ongoing investor demand for high-quality, well-leased assets in prime urban submarkets.
“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.”
Situated in a rapidly evolving New York City industrial corridor, 11-40 Borden Ave. is located adjacent to the Midtown Tunnel, just five minutes from Manhattan. Built in 1960, 11-40 Borden Ave. boasts over 4,000 square feet of parking and is currently occupied by construction distribution company Distribution International.
