Terreno Nabs $25M South Bay Industrial Asset
- Jun 07, 2017
Terreno Realty Corp. has acquired an industrial property in Gardena, Calif., from Storm Properties for approximately $24.7 million. The 114,000-square-foot building is managed by CBRE and is fully leased to one tenant, GOH Express.
The one-story industrial distribution building is situated on 5.5 acres at 15913 S. Main St., between Route 91 and interstates 110, 105 and 710. The property is a 15-minute drive away from Los Angeles International Airport and a 20-minute drive away from the ports of Los Angeles and Long Beach. The Class A property was built in 2016 and provides 21 dock-high and two grade-level loading positions and 145 parking spaces.
The estimated stabilized cap rate of the property is 3.7 percent. Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy divided by total acquisition cost. Terreno Realty Corporation owns and operates industrial real estate in six coastal U.S. markets.
Image via Yardi Matrix