Terreno Realty acquires property in Lynwood, CA for $31.4M
Terreno Realty Corporation acquired an industrial property located in Lynwood, California on April 20, 2017 for a purchase price of approximately $31.4M. The property consists of one million square feet of improved land at 11840 and 11852 Alameda Street and 2800 Lynwood Road, adjacent to Interstate 105 and between Interstates 110 and 710 in the South Bay submarket of Los Angeles which is 100% ground leased on a long-term basis to two tenants. Current improvements on the property are two industrial distribution buildings containing approximately 464,000 square feet with 81 dock-high and 5 grade-level loading positions and a rail transshipment facility containing approximately 13,000 square feet with seven grade-level loading positions. The estimated stabilized cap rate of the property is 3.9%.