Terreno Realty Corp has acquired a 135,000-square-foot industrial property in Santa Clara for $54.6 million. The property is fully leased to four tenants with leases rolling between 2022 and 2027. The purchased represents a 2.5% cap rate.
Located at 3660 Thomas Road in Santa Clara, the property features 13 dock-high and five grade-level loading positions and parking for 91 cars. Terreno purchases properties in high-quality coastal markets, with current holdings in Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C.
The purchase price on the property includes costs related to assuming debt, due diligence and closing costs as well as estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.
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Kelsi Maree Borland
