Terreno Realty Corporation paid $55M to Fred J. Carillo for warehouse in East Williamsburg

Terreno Realty Corporation through the entity Terreno Morgan Ave, LLC paid Fred J. Carillo’s Millstone Management, LLC $54.5 million for 2 parcels, including the tax class fireproof warehouse (E1) at 134 Morgan Avenue, Meserole Street in East Williamsburg. The deal closed on August 29, 2019 and was recorded on September 11, 2019. The parcel(s) have total development potential of 469,692 square feet.
The average sale price per square foot is $191.
The estimated cap rate is 1.3%
A Terreno press release provides a total sale price of $80.5 million and includes 154 Morgan Avenue, which does not yet show a transfer in Acris. The last time 134 Morgan Avenue sold was March 2, 2017, for $30,000,000.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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