US industrial real estate investor Terreno Realty has acquired a $27.1m (€23.1m) industrial asset in Tukwila, Washington.
The property at 510 Andover Park West in the northern Kent Valley is a fully let industrial distribution building containing approximately 121,000sqft on 7.1 acres.
Following the current tenant’s lease expiration in February 2027, Terreno Realty plans to renovate the property to accommodate leasing to one to four tenants, expecting an estimated stabilised cap rate of 3.9% prior to this renovation and re-leasing effort.
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