San Francisco-based Terreno Realty Corp., keeps buying more and more industrial property in the Kent Valley.
Terreno, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, purchased its sixth industrial property in five years in Kent.
The company paid about $12.3 million, including the assumption of a mortgage loan with a principal balance of approximately $4.8 million, for four distribution buildings, according to a Terreno media release. The buildings cover about 138,000 square feet on nearly 7.6 acres from 22402 to 22446 72nd Ave. S.
The buildings feature 50 dock-high and 18 grade-level loading positions, parking for 166 cars and is 94 percent leased to 13 tenants.
The acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.
Terreno owns industrial real estate in Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C./Baltimore.
For more information, go to terreno.com.
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