LANDOVER, MD-Terreno Realty Corp. has acquired the 3601 Pennsy Drive industrial building here for $7 million.
The San Francisco-based industrial real estate firm reports that the 71,000-square-foot building sits on four acres and is adjacent to the intersection of US Route 50 and I-95/495, the Capital Beltway, and is approximately four miles from Washington, DC.
The building is fully leased to one tenant and sports a stabilized cap rate of 5.8%. The company states the deal closed on Dec. 23.
Terreno Realty Corp. is an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C./Baltimore.
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