LANDOVER, MD—Terrenco Realty Corp., a REIT based in San Francisco, has picked up another Baltimore/Washington DC industrial asset—a five-building project for which it paid $31.2 million.
The REIT specializes in industrial properties in six markets nationwide, one of which is the Baltimore-Washington DC corridor.
Its latest acquisition totals 384,000 square feet on 18.9 acres that are sited inside the Capital Beltway three miles from the District.
Located at 3301-3381 75th Ave, the property provides 67 dock-high and 17 grade-level loading positions and parking for 318 cars. The two rear-load and three front-load distribution buildings are 89% leased to 22 tenants. The estimated stabilized cap rate of the property is 6.3%.
In November the company acquired a rear-load R&D building in Annapolis Junction for $13.8 million.
That 97,000-square foot building, located at 9020 Junction Dr., is located approximately three miles from Fort Mead.
Terreno Realty Corporation is also active in Los Angeles, the Northern New Jersey/New York City market, the San Francisco Bay Area, Seattle and Miami.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
