Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Newark, California for approximately $186 million.
The property consists of four industrial distribution buildings containing approximately 603,000 square feet on 30.5 acres. The property s at 7355-7395 Morton Ave., adjacent to Interstate 880, CA SR 84 and the Dumbarton Bridge, provides 86 dock-high and eight grade-level loading positions and parking for 730 cars. The property is 100% leased to four tenants with leases expiring between 2026 and 2032. The estimated stabilized cap rate is 4.6%.
Terreno Realty Corporation acquires, owns and operates industrial real estate in Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C.