Terreno picks up trio of LA sites for $78.1M in three-week buying spree

SF investor purchased 11-acre Gardena site for $37.6M

Dec.December 21, 2017 09:30 AM

Terreno Realty Corporation continued its tear in the Los Angeles area with a $27.6 million purchase of an industrial business park in Hawthorne on Tuesday, bringing its total investment in LA industrial properties over the past three weeks to $78.1 million.

The San Francisco-based firm’s largest grab was the $37.6 million purchase of an 11.1-acre Gardena site from Z Gallerie owner Michael Zieden on December 15. The property at 1855 West 139th Street consists of two distribution buildings with a total of 231,000 square feet.

In late November, it purchased a 5.4-acre Carson warehouse at 2315 East Dominguez Street from Wilson Industries Inc. for $12.9 million. All three of the properties are 100 percent leased. Terreno estimated the stabilized cap rate on the trio of sites at between 4.2 and 5.5 percent. The properties are located between 4 and 12 miles from Los Angeles International Airport.

Terreno is active in six markets around the U.S. on the east and west coasts. It has interests in 121 assets, 29 of them in northern New Jersey and 21 in Miami-Dade County, according to Real Capital Analytics. Its recent purchases bring its Los Angeles count to 17. The company has acquired 40 properties and sold six over the past two years.

Related Articles

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

LA Mayor Eric Garcetti

Down goes Measure EE: Property tax referendum routed at polls

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

CIM Group lists part of its Miracle Mile office campus

Arman Gabay and The Springs shopping center in Palm Springs, part of the 14-property portfolio

Charles Co. secures $215M refi for retail portfolio

Joon Choi, principal at Harbor Associates, and 2400 Conejo Spectrum Street (Credit: Google Maps)

Harbor Associates leases up then sells off its Thousand Oaks office park

9300 Wilshire Boulevard

Land under historic Beverly Hills office building sells for $25M