Terreno Expands WA Portfolio With $6M Industrial Buy
- May 16, 2018
Terreno Realty Corp. has purchased an industrial asset of roughly 39,000 square feet in Renton, Wash. The asset, built in 1991, traded for $6 million. Earlier this year, Terreno acquired a $34 million warehouse in Seattle, comprising 235,000 square feet.
The property is located at 2701 East Valley Road, in southern Renton, near the intersection of Interstate 405 and Highway 167. Downtown Seattle is within a 20-minute drive of the 2.3-acre parcel, via I-5. The site is part of a large industrial park situated between Renton and Kent, Wash., enclosed by interstates 5, 405 and Route 167. Seattle-Tacoma International Airport is a nine-minute drive away.
The asset comprises an industrial distribution building, providing four dock-high and three grade-level loading positions, along with 42 parking spaces. The property has an estimated stabilized cap rate of 5.2 percent and is fully leased to a single tenant.
Image via Google Maps