Terreno Realty Corporation Acquires Major Union City, California, Industrial Site
According to company officials, the property consists of four recently constructed rear-load industrial distribution buildings containing approximately 301,000 square feet on approximately 16.4 acres in the East Bay of San Francisco adjacent to Interstate 880 between California Highways 92 and 84.
The property, which was placed under contract last December as part of Terreno Realty Corporation’s $23.8 million purchase of three adjacent existing buildings containing approximately 170,000 square feet, is at 1550 Pacific Street, provides 80 dock-high and six grade level loading positions and parking for 490 cars. The estimated stabilized cap rate of the property is 5.5%.
Terreno Realty Corporation announced that during construction of the four buildings it has executed three leases totaling 193,560 square feet as follows:
A full building lease of 94,046 square feet to a global third-party logistics company that expires March 2021;
A 64,324 square foot lease to an international distributor of natural stone that expires May 2026; and
A 35,190 square foot lease to an automobile glass distributor that expires April 2026.
As a result, the property is approximately 64.4% leased to three tenants, the company said.
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