Terreno Realty Corporation Acquires Industrial Property in Redondo Beach for $35.5 Million

Terreno Realty Corporation, a Bellevue, Washington acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced that it has acquired an industrial property located in Redondo Beach for a purchase price of approximately $35.5 million.

The property consists of two industrial distribution buildings containing approximately 100,000 square feet on 5.1 acres. The property is at 3700 and 3730 Redondo Beach Avenue, west of I-405 and immediately adjacent to Terreno Realty Corporation’s 6.7-acre property at 2411 Santa Fe Avenue, and provides 16 dock-high and three grade-level loading positions and parking for 88 cars. The property is 100% leased to two tenants, and the estimated stabilized cap rate is 5.8%.

Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle and Washington, D.C.

Information sourced from Businesswire. To learn more, contact Jaime Cannon at 415-655-4580.