An industrial property in Torrance on Manhattan Place has been purchased by Terreno Realty Corporation. The purchase price of the property in Torrance was close to $15m.
News of such acquisitions can be disseminated throughout a city with flyer printing.
There is one industrial distribution building on the property, which is on 1.7 acres and spans about 36,000 square feet. The building also offers two loading positions at grade levels and six loading positions that are dock-high, in addition to parking for 87 cars.
There is one tenant in the building and leases the entire building. This lease expires at the end of November. After this, the building will be leased by a builder of sensors for autonomous maritime drones. This lease will end in February 2030.
The estimated stabilized cap rates (an amount equal to net operating income annualized on a cash basis and stabilized to occupancy of the market divided by the total acquisition cost) is set at 6%. The total acquisition cost includes the purchase price, mark-to-market adjustments on assumed debt, due diligence of the buyer, and closing costs, plus estimated capital expenditures in the near term and leasing costs needed to reach stabilization.
Terreno purchases, operates, and owns industrial real estate in six major coastal markets in the United States – Washington, D.C., Seattle, the bay area of San Francisco, Miami, Los Angeles, and Northern New Jersey.
