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Terreno Realty Sells Seattle Industrial Property for $11M
Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, sold an industrial property located in Seattle, Washington, for approximately $11 million.
The property consists of a 25,000-square-foot industrial distribution building on 1.5 acres which is 100% leased to one tenant. The property was purchased by Terreno in 2016 for approximately $4.7 million. The unleveraged internal rate of return generated by the investment was 16.5%.
In January, Terreno also acquired an industrial property located in Bellevue for approximately $6.5 million. The 16,000-square-foot property was vacant at the time of sale and was located on a 1.8-acre site.
