Industrial real estate firm Terreno Realty Corporation has acquired the Morton Commerce Center, a four-building, 30.5-acre industrial property in Newark, CA. The development, which boasts Meta and Lucid Motors as tenants, was previously owned by Overton Moore Properties and traded for $186 million.

The four buildings total 603,000 square feet and feature 86 dock-high doors, eight grade-level loading positions and parking for 730 cars. The property is 100% leased and has an estimated stabilized cap rate of 4.6%. The asset fits right into Terreno’s strategy of acquiring industrial properties in six major coastal U.S. Markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington D.C.

Situated at 7355 Morton Avenue, the Morton Commerce Center has easy access to Interstate 880 and the Dumbarton Bridge with connectivity to Oakland Airport, the Port of Oakland and Silicon Valley. Cushman & Wakefield’s Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg and Matt Leupold represented the seller in the transaction.

Image courtesy of OMP