SAN FRANCISCO–Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced that it has completed the redevelopment of its property on 6th Avenue South in Seattle, Washington and leased 100% of the property.
The redeveloped property consists of a newly renovated 51,000 square foot industrial distribution building on approximately 1.7 acres two miles from downtown Seattle adjacent to Seattle’s Port and SoDo districts. The total cost of the redeveloped property is approximately $15.9 million. The estimated stabilized cap rate of the redeveloped property is approximately 5.1%.
Terreno Realty Corporation has executed a lease for 100% of the property with a leading manufacturer of electric vehicles.
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C.
Additional information about Terreno Realty Corporation is available on the company’s web site.