Terreno Realty Buys Lanham, MD, Industrial Building for $5.6M
- Dec 21, 2013
Terreno Realty Corp. recently announced the acquisition of a new industrial property located in Prince George’s County, Md. The deal was closed on Dec. 11, 2013. San Francisco-based Terreno Realty purchased the property for approximately $5.6 million. According to PropertyShark.com, the total market value of the property is $7 million.
The property consists of one rear-load light industrial building located on 4.5 acres of land at 4230 Forbes Blvd. in Lanham. It is adjacent to US Route 50, about 1.5 miles from the Capital Beltway/I-95 and within six miles of Washington, D.C. The property offers about 56,000 square feet of space. It provides nine dock-high and one grade-level loading positions, as well as 200 parking spaces. In a news release, Terreno Realty said that the property was fully leased to six tenants. The estimated stabilized cap rate is 10 percent. According to PropertyShark.com, the previous owner was Mor Forbes 2 L.L.C.
CBRE reports that the overall industrial vacancy rate in suburban Maryland dropped in the third quarter of the year to 11.8 percent, down from 12 percent in the second quarter. The overall asking rental rate rose from $8.18 per square foot at the end of the second quarter to $8.40 per square foot in the third quarter.
Terreno Realty acquires, owns and operates industrial properties in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; the San Francisco Bay Area; Seattle; Miami; and Washington, D.C./Baltimore. With the new acquisition, the company now owns eight properties in the Washington, D.C./Baltimore area, totaling more than 850,000 square feet of space and with an average occupancy of over 85 percent.
Charts courtesy of CBRE.