SF-based REIT nabs industrial aviation facility for $31.4M
The industrial sector is really taking flight.
Terreno Realty, a San Francisco-based real estate investment trust, acquired a 23-acre Lynwood industrial property for $31.4 million, the firm announced. The seller was aviation supplier Desser Tire & Rubber, according to Real Capital Analytics.
The site, at 11840 and 11852 Alameda Street, comprises two industrial distribution buildings totaling 464,000 square feet, as well as a separate supply facility spanning an additional 13,000 square feet. The property is 100 percent leased to two long-term tenants, pharmaceutical company PL Developments and logistics firm Midas Express.
Spokespersons for Desser, which is headed by Steven Chlavin, and Terreno were not immediately available for comment. Desser has owned the 1989-built property since it was built, according to RCA.
Terreno specializes in industrial real estate in six coastal markets, including L.A., New York, and Miami, with more than 170 holdings. In L.A.County, the firm owns more than a dozen properties, including warehouses in Inglewood, Compton, and Redondo Beach.
Its latest purchase is indicative of its increasing interest in aviation-related properties. In Miami, it owns a 107,000-square-foot warehouse in the Airport West market, and in New York, Terreno paid $53.1 million for four industrial warehouses just north of John F. Kennedy International Airport in 2014.