Terreno Snags $38M CA Industrial Asset
- Dec 19, 2017
Terreno Realty Corp. has acquired an industrial property made up of two buildings in Gardena, Calif. The 231,000 square feet of distribution space cost the company $37.6 million. The investment is expected to have a cap rate of approximately 4 percent.
The property is located at 1855 W. 139th St. and can be easily reached via interstates 105, 405 and 110. It is fully leased to a single tenant, Z Gallerie Outlet, a home décor company. Both buildings provide 24 dock-high and three grade-level loading doors and a parking lot accommodating up to 163 vehicles.
The distribution facility is 10 miles from downtown Los Angeles and 15 miles from Los Angeles International Airport. The nearby area is mostly residential, with several retail and restaurant businesses.
During the past half a year, Terreno has acquired a number of industrial properties across the country. In November, the company completed the $8.4 million purchase of a Miami industrial facility totaling approximately 59,000 square feet.
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