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1/06/16
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Terreno Realty Corporation acquired a four-building, 301k sf industrial property in Union City for $37.3 mil ($124/sf). The buildings are situated on about 16.5 acres at 1550 Pacific St, along I-880, between Hwy 92 and Hwy 84.
The property contains 80 dock-high and six grade-level loading positions, along with parking for 490 cars. It was originally placed under contract a year earlier as part of Terreno Realty Corporation’s $23.8 mil acquisition of three adjacent existing buildings containing approximately 170k sf.
During construction of the four buildings Terreno was able to sign three leases totaling 193.6k sf of space. They include:
• A full building lease of 94k sf to a global third-party logistics company that expires March 2021;
• A 64.3k sf lease to an international distributor of natural stone that expires May 2026; and
• A 35.2k sf lease to an automobile glass distributor that expires April 2026.
As a result, the property is approximately 64.4% leased to three tenants. The sale closed with an estimated stabilized cap rate of the property of 5.5%.
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