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Terreno Realty Corporation Acquires Redmond Industrial Property
Bellevue-based Terreno Realty Corporation has acquired an industrial property in Redmond, Washington, for approximately $8 million.
The property consists of one industrial distribution building containing approximately 21,000 square feet on 1.5 acres. The property is located at 9680 153rd Avenue NE on Seattle’s Eastside, and provides five grade-level loading positions and parking for 56 cars. The property is vacant, and the estimated stabilized cap rate is 5.9%.
The transaction follows Terreno’s April acquisition of another adjacent industrial property in Redmond for $9.3 million. That property consists of one industrial distribution building spanning approximately 33,000 square feet on 1.5 acres at 9660 153rd Avenue NE. After the existing tenant vacates, the property will be renovated to contain approximately 26,000 square feet.
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets, including New York City and Northern New Jersey, Los Angeles, Miami, the San Francisco Bay Area, Seattle and Washington, D.C.
