Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six coastal U.S. markets, acquired an industrial property located in Kirkland, Washington on February 25, for a purchase price of approximately $33.8 million.
The property consists of one industrial distribution building containing approximately 127,000 square feet on 7.2 acres. The property is at 10822-10856 117th Place NE, adjacent to I-405, provides 20 dock-high and seven grade-level loading positions and parking for 252 cars. The property is 100% leased to five tenants, all of which expire by December 2026. The estimated stabilized cap rate of the property is 2.9%.