Terreno Expands in Seattle With $233M Buy

Terreno Realty Corp. has expanded its industrial holdings in the Seattle market with the acquisition of a nine-property portfolio totaling approximately 720,000 square feet in Woodinville, Wash., for $232.6 million. The assets’ previous owner was Link Logistics, according to Yardi Research Data. The sale is the largest real estate transaction in King County to date this year, according to the Puget Sound Business Journal.

Part of the larger Woodinville Corporate Center, the industrial buildings are located on 42.8 acres on Woodinville-Redmond Road. The portfolio is about 91 percent leased to 26 tenants.

The Washington assets are part of a larger multi-market portfolio of approximately 1.2 million square feet, that also includes two buildings in Miami and one in Northern New Jersey, which Terreno will acquire for $426.9 million. The remainder of that portfolio is expected to be purchased in September.

Washington assets detailed

The nine assets in Woodinville include two buildings at 15000 Woodinville-Redmond Road as well as properties at 15100, 15300, 15500, 15510, 15520, 15530 and 15540 Woodinville-Redmond Road. The tenant uses are a combination of flex/industrial and manufacturing.

Constructed in four phases between 1979 and 1996, the one- and two-story facilities share parking capabilities totaling 819 spaces, according to Yardi Research Data. Some of the buildings also have two-level built-out office components.

The properties have access to Interstate 405 and Highway 522. Downtown Seattle is some 20 miles southwest, while Seattle-Tacoma International Airport is 27 miles southwest.

More Terreno properties

Terreno owns and operates industrial real estate properties totaling more than 18.9 million square feet in six major coastal U.S. markets, including Seattle. Other markets of interest are New York City/Northern New Jersey, Miami, Los Angeles, San Francisco Bay Area and Washington, D.C.

The currently acquired portfolio will join other Terreno-owned properties located on the same road. The firm had purchased the two-building campus at 16650-16750 Woodinville-Redmond Road and two facilities at 16224-16240 Woodinville-Redmond Road in 2021.

Last April on the East Coast, Terreno boosted its holdings in the D.C. market with the $84.3 million purchase of a four-building, 357,000-square-foot logistics campus in Alexandria, Va. The State Teachers Retirement System of Ohio sold the asset.