Terreno Realty Corp. (TRNO) said that it acquired an industrial property located in San Jose, California on December 19, 2012 for a purchase price of approximately $4.2 million.
The property consists of one multi-tenant industrial building containing approximately 47,000 square feet. The property is currently 71% leased to two tenants. The front load distribution building is located at 631 Brennan Street adjacent to the Montague Expressway, US 101 and I-880, approximately two miles from Mineta San Jose International Airport. The estimated stabilized cap rate of the property is 7.4%.
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