Five-Building Commerce Industrial Portfolio Sold for $97 Million
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Terreno Realty Corp., an owner and operator of industrial real estate in six major coastal U.S. markets, sold a 545,000-square-foot portfolio of industrial buildings in Commerce on May 22 for $97 million, or $178 per square foot.
The property consists of five multi-tenant industrial buildings on 24 acres, which are 99% leased to 12 tenants. It was originally acquired in 2012 for $52.4 million and generated a 9.5% annual unleveraged rate of return, according to the company.
The company also recently announced that it signed a lease with an environmental and regulated waste management company for a three-acre property in Rancho Dominguez.
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets. The company is headquartered in Bellevue, Washington.
Information for this article was sourced from Terreno Realty Corp.
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