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Terreno Realty Corporation Acquires MD Industrial Property for $50M
Terreno Realty Corporation acquired an industrial property located in Hyattsville, Maryland, for a purchase price of approximately $50 million.
The property consists of a rear-load industrial distribution building containing approximately 180,000 square feet on 14.1 acres. The property is at 2300 Craftsman Circle, adjacent to the intersection of the Baltimore-Washington Parkway and U.S. Route 50, approximately one mile outside Washington, D.C. The property offers 45 dock-high and one grade-level loading positions, as well as parking for 156 cars.
The building is shell complete only. Terreno Realty Corporation will permit and construct interior finishes expected to be completed in early 2027. The total expected investment is $57.6 million, and the estimated stabilized cap rate is 5.2%.
Terreno acquires, owns, and operates industrial real estate in New York City and Northern New Jersey, Los Angeles, Miami, the San Francisco Bay area, Seattle, and Washington, D.C.
