Terreno Realty Corp. (TRNO) said Wednesday that it has acquired an industrial property located in South San Francisco, California for a purchase price of about $8.4 million.
The property consists of one industrial distribution building containing about 85,000 square feet on 3.3 acres. The building will be substantially renovated by removing about 17,000 square feet of building and adding 10 dock high loading positions and trailer storage creating a 68,000 square foot rear load distribution facility.
The property is at 240 Littlefield Avenue, is vacant and is Terreno Realty's fifth building in the South San Francisco submarket, immediately north of San Francisco International Airport and adjacent to Highway 101. The estimated stabilized cap rate of the property is 6.4%.
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