Terreno Realty Corporation bought an industrial property located in Seattle, Washington, for $7.8 million.
The property consists of one industrial distribution building containing approximately 45,000 square feet on approximately 1.5 acres adjacent to Seattle’s Port and SoDo district. The property is at 637 South Lucile Street, provides 14 dock-high and two grade level loading positions, parking for 19 cars and is 100% leased to one tenant on a short-term basis.
The estimated stabilized cap rate of the property is 6.0%.
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C./Baltimore.