Terreno Realty Grows West Coast Portfolio
- Sep 05, 2019
After acquiring a 192,000-square-foot industrial asset in Brooklyn, N.Y., for $80.5 million, Terreno Realty Corp. has also purchased a 93,000-square-foot industrial distribution center in Oakland, Calif., for $23.8 million. The property’s estimated stabilized cap rate is 4.8 percent.
Situated at 1700 20th St., the distribution center is alongside Interstate 880 and near the intersection of interstates 580 and 80. The facility is also close to the Port of Oakland Seaport and the eastern terminus of the San Francisco-Oakland Bay Bridge, which offers easy access to downtown San Francisco and the San Francisco International Airport. The building occupies 4.7 acres and features 19 dock-high and six grade-level loading positions and 28 parking spaces. Additionally, the distribution center is currently vacant.
Terreno Realty’s latest investments in Northern California include the acquisition of two industrial buildings totaling 119,000 square feet in San Francisco. The company focuses on investing in six major coastal U.S. markets, including the San Francisco Bay Area, Los Angeles and New York.