Terreno Realty (TRNO), an acquirer, owner and operator of industrial real estate, said Friday that it has acquired an industrial property located in San Leandro, California on Oct. 20, for a purchase price of about $15.9 million.
The property consists of two industrial distribution buildings containing approximately 100,000 square feet on 8.2 acres west of Interstate 880, three miles south of Oakland International Airport. The property is at 2062 and 2091 West Avenue 140th, provides two dock-high and 11 grade-level loading positions, approximately three acres of excess improved yard and will be acquired vacant.
Terreno Realty plans to renovate the property including new offices, façade upgrade and additional dock-high loading positions.
The estimated stabilized cap rate of the property is 5.2%.
Shares were up 0.2% in recent trading.