Terreno Realty Acquires 1MSF South Bay Industrial Property
- Apr 24, 2017
Terreno Realty Corp. acquired a one million-square-foot industrial property in the South Bay submarket of Los Angeles for $31.4 million. According to Yardi Matrix, the property was owned by Comstock Homes. The estimated stabilized cap rate of the property is 3.9 percent.
Located at 11840 and 11852 Alameda St. and 2800 Lynwood Road, in Lynwood, Calif., just off Interstate 105 and between Interstates 110 and 710, the facility is around 15 miles south of Los Angeles. The property is fully ground leased and tenants include pharmaceutical company PL Developments. The asset was built in 1989 and consists of two industrial distribution buildings totaling around 464,000 square feet with 81 dock-high and five grade-level loading positions and a 13,000-square-foot rail transshipment facility with seven grade-level loading positions.
Earlier this year, Terreno Realty Corp. acquired a 64,575-square-foot industrial asset in Miami’s Airport East submarket.
Image via Google Earth