Terreno Realty Purchases Red Hook Industrial Warehouse for $26.3 Million

Terreno Realty has completed the acquisition of a 28,000-square-foot industrial warehouse located at 659 Court Street in Red Hook, Brooklyn. The property, situated along the East River waterfront, was purchased for $26.3 million from California-based LBA Properties. This transaction marks a significant appreciation in value, as LBA Properties had acquired the asset for $7 million in March 2025. The warehouse features parking for 70 vehicles and two loading bays, and is currently leased to a maritime goods and services provider. With 145,800 square feet of potential buildable space through air rights, the site has seen fluctuating values over time; Buckeye Partners, the previous owner, paid $15.5 million in 2013. This deal underscores the robust performance of the industrial real estate sector, which saw an 11 percent year-over-year increase in leasing activity and a drop in vacancies to 6.5 percent nationwide in Q2 2026, according to CBRE. Developers and investors should note the strong demand and rapid value growth for well-located industrial assets, especially those with redevelopment potential in urban waterfront areas.