June 12, 2020
San Francisco-based Terreno Realty Corporation sold three industrial properties located in Maryland’s Baltimore/Washington Corridor for a sale price of approximately $51.3 million. The company didn’t disclose the buyer or buyers.
Terreno acquired the properties between 2012 and 2015 for a total of $51.3 million. They included a 66,000-square-foot, rear-load industrial building at 7125 Troy Hill Dr. in Elkridge, MD; a 159,000-square-foot, cross-dock industrial distribution building at 7190 Parkway Dr. in Hanover, MD; and a 115,000-square-foot rear-load property at 9070 Junction Dr. in Annapolis Junction, MD.
The three properties generated an unleveraged IRR averaging 10.9%, Terreno said. All three are 100% leased.
Prior to the dispositions, Terreno owned 21 industrial properties in the Baltimore/Washington region totaling nearly 1.9 million square feet. The properties are part of Terreno’s six-market strategy, with its holdings concentrated in New York/New Jersey, Miami, Seattle, the Bay Area and Los Angeles, as well as Baltimore/Washington.
Pictured: 7190 Parkway Dr. Photo courtesy of Transwestern.
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