Terreno Realty Corp. (TRNO) said that it acquired a property containing approximately 186,000 square feet within three industrial buildings located in Carson, California on December 20, 2012 for a purchase price of approximately $12.75 million.
The buildings are at 17110, 17120 and 17180 South Main Street in the South Bay submarket, adjacent to CA Highway 91 and I-110, approximately midway between Los Angeles International Airport and the Ports of LA and Long Beach. The approximately 9.6 acre site is 100% ground leased until June 30, 2015. The ground lease payment provides an actual cap rate of 0.3%. After expiration of the ground lease the estimated stabilized cap rate of the property is 8.4%.
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