Terreno Nabs $15M Santa Fe Springs Industrial Property
- Jul 11, 2017
Terreno Realty Corp. has acquired an industrial property located in Santa Fe Springs, Calif. for $14.9 million. The two rear-load industrial distribution buildings total 87,000 square feet and are fully leased to eight tenants. The estimated stabilized cap rate of the property is 4.7 percent.
Located at 12803 Telegraph Road and 12828 Romandel Ave. on 5.3 acres, the property provides 17 dock-high and 10 grade-level loading positions and 150 parking spaces. The property is east of the intersection of interstates 5 and 605 and some 20 miles from the Port of Long Beach.
Tight industrial market
Terreno’s recent Los Angeles-area activity includes the purchase of a 114,000-square-foot industrial building in Gardena, and the sale of an 161,610-square-foot development in Whittier. The vacancy rate for industrial properties in the Mid-Counties dropped from 5.6 percent at the end of 2013 to just 1 percent in the first quarter of 2017, according to a Cushman & Wakefield report.
Image via Google Earth