San Francisco-based Terreno Realty Corp., an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced that it has completed the redevelopment of its property at 8615 South 192nd St., in Kent and leased 100% of the property. The location is just south of Malcom Drilling.
The redeveloped property consists of a newly developed 220,000 square foot rear-load industrial distribution building on approximately 12.7 acres adjacent to State Route 167 (Valley Freeway) in the northern Kent Valley. The total cost of the redeveloped property is approximately $33.9 million, according to a Aug. 27 Terreno news release.
Terreno has executed a lease for 100% of the property which commenced Aug. 25 and expires Nov. 30, 2027 with a provider of retail supply chain, warehousing and final-mile delivery. Terreno did not name the company.
Terreno bought the industrial property in 2018 for $12.4 million. At the time, Terreno reported that the building would feature 47 dock-high and two grade-level loading positions, 36-foot clear height, and parking for 137 cars and 30 trailers.
Terreno 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. The company has bought about 10 industrial properties in Kent over the last nine years.