Terreno Realty has sold an industrial campus in Commerce, California, for $97 million.
The San Francisco-based industrial acquisition group offloaded the Garfield Business Center to an undisclosed buyer, L.A. Business First reported. Terreno bought the 545,000-square-foot property in 2012 from Westcore Properties and Dune Real Estate Partners for $52.4 million.
Garfield Business Center, at 3300-3430 Garfield Avenue, comprises five multitenant industrial buildings across 24 acres. The complex is 99 percent leased to 12 tenants.
Terreno has been busy this year.
Last week, the company sold a 39,000-square-foot industrial building in Bellevue, Washington, for $17.5 million. In April, the company acquired a 33,000-square-foot facility on 1.5 acres in Redmond, Washington, for $9.3 million and a 20,000-square-foot property in New York City’s Queens borough, for $7.6 million.
Terreno’s most recent California sale was in January for an industrial property in South San Francisco. The company shed a 22,000-square-foot building for $8 million after purchasing it in 2020 for $6.3 million.
The commercial real estate firm still holds several industrial sites near Downtown Los Angeles, just a few miles from Commerce. Those holdings include two warehouses at 768 and 772 Ceres Avenue; industrial buildings at 130-134, 140-148 South Anderson Street, 1319 Mono Street, and 135-151 South Utah Street; and 2425 Porter Street in downtown Los Angeles.
South of Commerce in Santa Fe Springs, Terreno also owns 11770-11780 Slauson Avenue, 12803 Telegraph Road, 12828 Romandel Avenue and 10918-10936 Shoemaker Avenue.
Terreno operates in six major coastal markets across the United States, including New York City and northern New Jersey; Los Angeles; Miami; the San Francisco Bay Area; Seattle; and Washington, D.C. The company has offices in Bellevue, Washington; San Francisco; and New York City’s Meatpacking District.
— Chris Malone Méndez
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