Terreno Realty Corp. has acquired two industrial buildings in San Francisco, for $47.8 million. The facilities comprise around 119,000 square feet and are fully leased to nine tenants, two of which expire within one year and the rest by January 2024. The estimated stabilized cap rate of the property is 4.0 percent.
(Terreno Realty recently renewed a full-building leasing contract with Miami International Freight Solutions in Miami Lakes, Fla.)
Situated at 1501 Tennessee St. and 1400 Minnesota St., in the Dogpatch submarket, the buildings are around a 3-minute walk from each other, near Interstate 280, within 4 miles of downtown San Francisco. Additionally, the facilities are located approximately 11 miles from San Francisco International Airport. The buildings occupy 2.7 acres and feature 12 dock-high and 15 grade-level loading positions. Besides these, the facilities also feature 12 parking spaces.
Terreno Realty Corp. targets six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington D.C.