Terreno Realty Corporation (NYSE:TRNO) has acquired an industrial property in Redmond, Washington, for approximately $9.3 million.
The 1.5-acre property consists of one industrial distribution building containing approximately 33,000 square feet with two dock-high and one grade-level loading positions plus parking for 30 cars. The property is 100% leased on a short-term basis, and after the tenant vacates the property will be renovated to contain approximately 26,000 square feet.
The company added the estimated stabilized cap rate after renovation is 5.5%. Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle and Washington, DC.
Photo courtesy of LoopNet
