Terreno Realty Expands California Presence
The company paid $18 million for a 66,000-square-foot industrial property south of Los Angeles.
2310 E. Gladwick St. Image via Google Street View
Terreno Realty Corp. has spent $18 million for a 66,000-square-foot industrial asset in Rancho Dominquez, Calif. The seller was a local private investor, Los Angeles County public records show. The estimated stabilized cap rate of the property was 3.6 percent.
Located at 2310 E. Gladwick St., the asset is roughly 7 miles from the intersection of interstates 710 and 405, with access to Los Angeles International Airport as well as the ports of the metro and Long Beach, Calif. The surrounding area includes several other industrial properties. Completed in 2009 on a 3.7-acre site, the facility comprises 13 dock-high and two grade-level loading positions, as well as 81 car parking spots. At the time of sale, the building was fully leased to a single tenant.
Last September, Terreno increased its West Coast presence with the acquisition of a 93,000-square-foot industrial distribution center in Oakland, Calif. The asset’s estimated stabilized cap rate is 4.8 percent.
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