Terreno pays $92M to Wildflower Ltd. for industrial in College Point

Terreno Realty Corporation through the entity Terreno Whitestone LLC paid $92 million to Wildflower Ltd. through the entity WF Industrial X LLC for the industrial building (E1) at 2810 Whitestone Expressway in College Point, Queens. The expected use is cash flowing.
The deal closed on February 18, 2026 and was recorded on February 19, 2026. The property has 252,890 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $363 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on February 21, 2025, for $35.8 million. The signatory for Wildflower Ltd. was Adam I. Gordon . The signatory for Terreno Realty Corporation was Christine Falco . The contract date was February 4, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Terreno Realty Corporation purchased 29 properties in nine transactions for a total of $531.2 million and has no record it sold any properties over the past 24 months.
The seller Wildflower Ltd. purchased 11 properties in four transactions for a total of $81.3 million and sold one property in one transaction for a total of $18 million over the same time period.

The property

The industrial building in College Point has 252,890 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 733 feet and is 211 feet deep with a total lot size of 173,627 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $10.8 million. Terreno Realty Corporation on February 18, 2026 bought a loan with an original principal of price not available from prior lender signed by prior lender signatory, secured by 2810 Whitestone Expressway, when owned by Wildflower Ltd. .

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 30, 2012. On the lot, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 758,477 square feet. The largest, 421262635, is a new building project for a 506,179 square-foot B building submitted by James Lynn with plans filed May 18, 2016 and it has not been permitted yet. The second largest, Q00688595, is a new building project for a 252,298 square-foot S-1 building submitted by Wildflower Ltd. and filed by Matthew Dicker with plans filed March 9, 2022 and permitted September 16, 2022.

The neighborhood

In College Point, The bulk, or 48 percent of the 10.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 21 percent of the space. In sales, College Point has had very little sales volume relative to other neighborhoods with $270.1 million in sales volume in the last two years. For development, College Point has had very little major development activity relative to other neighborhoods.It had 532,603 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the four commercial properties representing zero square feet of the 443,492 square feet. The two identified owners are City Of New York and Wildflower Ltd..
On the tax block, there were two new building construction projects totaling 758,477 square feet. The largest is a 506,179 square-foot business (B) building submitted by James Lynn with plans filed May 18, 2016 and it has not been permitted yet. The second largest is a 252,298 square-foot storage (S-1) building submitted by Wildflower Ltd. and filed by Matthew Dicker with plans filed March 9, 2022 and permitted September 16, 2022.

The majority, or 100 percent of the 443,492 square feet of built space are industrial buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Wildflower Ltd. owned at least 33 commercial properties in New York City with 740,153 square feet and a city-determined market value of $74.3 million. (Market value is typically about 50% of actual value.) The portfolio has $365 million in debt, with top three lenders as PIMCO, Ares Management, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 100 percent of the 740,153 square feet of built space are industrial properties, with G7 properties next occupying 0 percent of the space. The bulk, or 92 percent of the built space, is in Queens, with Bronx next at 8 percent of the space.

The buyer

The PincusCo database currently indicates that Terreno Realty Corporation owned at least 34 commercial properties in New York City with 1,131,622 square feet and a city-determined market value of $122.7 million. (Market value is typically about 50% of actual value.) The portfolio has $72.9 million in debt, borrowed from Apollo Global Management. Within the portfolio, the bulk, or 93 percent of the 1,131,622 square feet of built space are industrial properties, with office properties next occupying 6 percent of the space. The bulk, or 67 percent of the built space, is in Queens, with Brooklyn next at 33 percent of the space.

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