Terreno Realty Corporation (TRNO) has acquired an industrial property in Redondo Beach, CA, for approximately $35.5 million on August 8. The property, fully leased to two tenants, is located at 3700 and 3730 Redondo Beach Avenue and spans around 100,000 square feet over 5.1 acres, featuring two industrial distribution buildings with 16 dock-high and three grade-level loading positions.
This acquisition aligns with Terreno’s capital-recycling strategy, following a recent sale of an industrial property in Santa Fe Springs, CA, for around $11 million and a purchase in Long Island City, NY, for about $31.1 million. The estimated stabilized cap rate for the new property is 5.8%.
