September 22, 2016
San Francisco-based Terreno Realty Corporation completed the redevelopment and lease-up of Terreno Business Center, a $39-million industrial and office property in Carson, CA. The estimated stabilized cap rate of the redeveloped property is approximately 6.2%.
The redeveloped property consists of a newly constructed front-load industrial distribution building containing roughly 210,000 square feet, and a renovated 34,000-square-foot office building.
Terreno Realty brought the asset to 100% leased following a roughly 64,000-square-foot deal with an undisclosed importer and distributor of down products. Previously, FedEx Trade Networks pre-leased the entire office building and a portion of the warehouse totaling roughly 180,000 square feet.
Colliers International’s Jeff Smart and Sean O’Donnell represented the landlord, while Gateway Business Properties’ Peter Donnellan represented the tenant.
For comments, questions or concerns, please contact Dennis Kaiser
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