Terreno Realty, an industrial real estate company, has acquired an industrial property in San Francisco for about $8.4 million.
The property consists of one industrial distribution building containing about 85,000 square feet of space on 3.3 acres. The building will be renovated by removing approximately 17,000 square feet of building and adding 10 dock high loading positions and trailer storage, creating a 68,000 square foot rear load distribution facility.
The property is vacant and located near San Francisco International Airport and Highway 101. The estimated stabilized cap rate of the property is 6.4 percent.