Terreno Realty Corporation (NYSE: TRNO), an industrial real estate, has acquired a property situated in Redondo Beach, California. The property’s cost was around $14.2 million.
It includes a multi-tenant industrial building of around 103,000 square feet and is 100 percent leased to a tenant. Its located in South Bay submarket at Manhattan Beach Boulevard had an estimated stabilized cap rate of 6.0 percent.
TRNO, is however, an acquirer, owner and operator of industrial real estate in six of the main coastal US markets which are- Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington DC/Baltimore.