Terreno Realty Corp., of San Francisco, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property on Oct. 24 in Kent for approximately $9.2 million.
The company has purchased four major properties in the last four years in Kent.
The property consists of one industrial distribution building containing about 107,000 square feet on 6.5 acres adjacent to Highway 167 in the Kent Valley. The property, 8030 S. 216th St., provides 23 dock-high and three grade-level loading positions and is 100 percent leased to two tenants.
The total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.
Terreno’s previous buys in Kent include 32,000 square feet for about $2.8 million earlier this year, 169,000 square feet in 2012 for approximately $15 million and 138,000 square feet of industrial property for about $8.3 million in 2010.
For more information, go to terreno.com.
Talk to us
Please share your story tips by emailing editor@kentreporter.com.
To share your opinion for publication, submit a letter through our website https://www.kentreporter.com/submit-letter/. Include your name, address and daytime phone number. (We’ll only publish your name and hometown.) Please keep letters to 300 words or less.
