May 19, 2020
San Francisco-based Terreno Realty Corp. completed the redevelopment of a facility on 6th Avenue South in Seattle and reports the asset is now fully leased. The redeveloped property consists of a newly-renovated 51,000 square foot industrial distribution building on roughly 1.7 acres, two miles from downtown Seattle and 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 executed a lease for 100% of the property with an unnamed leading manufacturer of electric vehicles.
Terreno Realty also acquired an industrial property at 36 South Hudson St. for $5.6 million located in Seattle near the company’s SoDo Row redevelopment property. The property consists of one industrial building containing roughly 13,000 square feet on 1.1 acres.
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