U.S. industrial real estate operator Terreno Realty Corporation has acquired an industrial property located in Seattle, Washington for a purchase price of approximately $12.6 million.
The property consists of one industrial distribution building that upon renovation, expected to be substantially complete by the end of 2019, will contain approximately 50,000 square feet on approximately 1.7 acres two miles from downtown Seattle adjacent to Seattle’s Port and SoDo district.
The property, at 2200 6th Avenue South, will provide nine dock-high loading positions, parking for seven cars and is 100 percent leased to one tenant through February 2019.
The estimated stabilized capitalization rate of the property is 5.1 percent and the total expected investment is $15.3 million.