Terreno Realty has acquired 11-40 Borden Ave., a two-story, 36,000-square-foot industrial property located in Long Island City. The seller was Wickersham Realty LLC, which has owned the property for more than 50 years.
Chad Sinsheimer, partner at Adirondack Capital Partners, served as the exclusive broker to both the buyer and the seller in the all-cash transaction, which came in at a 4.4% cap rate.
“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 100% leased through May 2028 to an insulation distributor.
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