Terreno Realty Lands Seattle Distribution Building

The company paid $5.9 million to acquire the 35,000-square-foot property, which is located at 25-29 South Hanford St. in the SoDo district.
The property at 25-29 South Hanford St. in Seattle
The property at 25-29 South Hanford St. in Seattle

Terreno Realty Corp. has acquired an industrial property in Seattle for $5.9 million. The asset, a 35,000-square-foot industrial building, sits on roughly 1 acre. The property’s stabilized cap rate is estimated at 5 percent.

Located at 25-29 South Hanford St., within the SoDo district, and immediately adjacent to Seattle’s Port, the property is less than 5 miles from Interstate 5 and approximately 4 miles from the I-90 Express. Downtown Seattle is within a 10-minute drive. The building provides six dock-high and one grade level loading positions and 30 parking spaces. At the time of the sale, the asset was 72 percent leased to two tenants.

Earlier this year, Terreno Realty Corp. acquired another industrial property in Seattle, for approximately $7.8 million.

Image via Google Street View