Terreno Realty Corp., an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Tukwila, Wash., on Dec. 12, 2025, for a purchase price of approximately $27.1 million.
The property consists of one industrial distribution building containing approximately 121,000 square feet on 7.1 acres. The property is at 510 Andover Park West in the northern Kent Valley, less than one mile from the intersection of Interstates 5 and 405, and provides 19 dock-high, two ramped and three grade-level loading positions as well as parking for 122 cars. The property is 100 percent leased to one tenant expiring February 2027. After the tenant expiration, Terreno Realty Corp. expects to renovate the property to allow leasing for one to four tenants. The estimated stabilized cap rate before such renovation and releasing is 3.9 percent.
Estimated stabilized cap rates are calculated as annualized cash basis net operating
