ANNAPOLIS JUNCTION, MD—Industrial real estate firm Terreno Realty Corp. has acquired the 9020 Junction Drive R&D building here for $13.8 million.
The San Francisco-based buyer reports the deal closed on Nov. 17. The company, which owns 114 buildings totaling 8.3 million square feet, did not reveal the identity of the seller in its press announcement.
The 9020 Junction Drive property consists of one rear-load R&D building containing approximately 97,000 square feet on 6.3 acres. The building is located approximately three miles from Fort Mead in the central Baltimore/Washington corridor.
The building offers six dock-high and two grade-level loading positions, parking for 296 cars and is 100% leased to one tenant. The estimated stabilized cap rate of the property is 7.6%, the company states.
On Nov. 3 the company reported that subsequent to Sept. 30, 2014, it had acquired three industrial distribution buildings for an aggregate purchase price of approximately $26.4 million. Year-to-date, Terreno Realty stated it had acquired $127.7 million of property comprising 1.2 million square feet. The company in its Nov. 3rd news release stated it currently has approximately $94.4 million of acquisitions under contract and $83.5 million under letter of intent.
Terreno Realty 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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