Terreno Realty Corporation Acquires Building in Redondo Beach, CA for $14.2 Million

Terreno Realty Corporation TRNO acquired an industrial property located in Redondo Beach, California on July 31, 2012 for a purchase price of approximately $14.2 million. The property consists of one multi-tenant industrial building containing approximately 103,000 square feet. The property is 100% leased to one tenant. Located in the South Bay submarket at 2475-2477 Manhattan Beach Boulevard, the front load distribution building is approximately one-half mile west of I-405 and four miles south of Los Angeles International Airport. The estimated stabilized cap rate of the property is 6.0%.