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
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.