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Terreno Realty buys vacant Redmond industrial property for about $8M
The acquisition covers a 21,000-square-foot building on 1.5 acres, with an estimated stabilized cap rate of 5.9%.
ConnectCRE reports that Terreno Realty Corporation has acquired an industrial property in Redmond, Washington, for approximately $8 million.
The asset is a single industrial distribution building totaling about 21,000 square feet on 1.5 acres at 9680 153rd Avenue NE on Seattle’s Eastside, and it is currently vacant.
The property includes five grade-level loading positions and parking for 56 cars, and the article estimates a stabilized cap rate of 5.9%.
ConnectCRE also notes the deal follows Terreno’s April purchase of an adjacent Redmond industrial property for $9.3 million, which will be renovated after the existing tenant vacates.