Terreno Realty Acquires $14.7M Industrial Property in Torrance

Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Torrance for a purchase price of approximately $14.7 million.

The property consists of one industrial distribution building containing approximately 36,000 square feet and situated on 1.7 acres. The property is at 20701 Manhattan Place, west of I-405, and provides six dock-high and two grade-level loading positions and parking for 87 cars. The building is 100% leased to one tenant through November 30, 2026. Terreno Realty Corporation has executed a lease for 100% of the building with a builder of floating sensors for autonomous maritime drones. The lease will commence on December 1, 2026, and expire in February 2030. The estimated stabilized cap rate is 6.0%.

Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles, New York City/Northern New Jersey, Miami, San Francisco Bay Area, Seattle and Washington, D.C.

Information for this article was sourced from Terreno Realty Corporation.