Terreno Realty Acquires California Property for USD 6.5m.

MANews-(C)2009-2022

Washington, US-based industrial real estate owner and operator Terreno Realty Corp. (NYSE: TRNO) has acquired an industrial property in Hawthorne, California for a purchase price of approximately USD 6.5m, the firm said.

The 1.3-acre improved land parcel at 4857 W 147th Street is adjacent to I-405 approximately four miles south of Los Angeles International Airport.

The property is leased on a short-term basis through December 2022 and is expected to be redeveloped with the construction of an approximately 33,000 square foot LEED-certified industrial distribution building.

The estimated stabilized cap rate of the redeveloped property is 5% and the total expected investment is approximately USD 15.8m.

Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized...

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