Terreno Realty acquires industrial property in Redondo Beach, Calif.
Terreno Realty Corp. acquired an industrial property located in Redondo Beach, Calif., for a purchase price of approximately $45.7 million.
The property consists of one industrial transshipment building containing approximately 67,000 square feet and one industrial flex building containing approximately 45,000 square feet on 6.7 acres. The property is at 2411 Santa Fe Ave., west of Interstate 405 between Los Angeles International Airport and the ports of Los Angeles and Long Beach, provides 23 dock-high and one grade-level loading positions, and parking for 200 cars. The property is 100 percent leased to two tenants and the estimated stabilized cap rate is 5.3 percent.