Terreno Sells $11.5M Industrial Asset in Baltimore Area
The Jessup property previously changed hands in March 2011, when the California-based company shelled out $5.8 million, less than the $6.9 million it traded for in 2005.
By Bogdan Odagescu
8441 Dorsey Run Road in Jessup, Md.
Terreno Realty Corp. has sold a 135,000-square-foot industrial property in Jessup, Md., for $11.5 million. According to the company, the estimated unleveraged internal return rate was roughly 11.9 percent. Terreno acquired the asset in March 2011 for $5.8 million, with the property previously changing hands for $6.8 million in 2005 and for $2.3 million in 2004, public records show.
The single-building asset is located at 8441 Dorsey Run Road and was 44 percent leased to one tenant at the time of sale. The property is situated between Interstate 95 and Baltimore-Washington Corridor, less than six miles northeast of Laurel and within a 20-minute drive of Baltimore/Washington International Airport. The building is roughly 17 miles from downtown Baltimore and 25 miles from central D.C.
Terreno is a San Francisco-headquartered owner and operator of industrial real estate assets across several U.S. markets, including Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C. The company also recently acquired an eight-building industrial park in Hawthorne, Calif., for $28 million.
Image via Google Street View
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