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Terreno Realty buys Seattle industrial property for $42M

Industrial real estate investment trust Terreno Realty Corp. paid roughly $42.0 million for an industrial property at 4786 1st Ave. South in Seattle.

The 65%-leased property comprises an industrial distribution building that is undergoing renovations expected to be substantially complete by the end of 2019.

Following renovation, the property will span roughly 235,000 square feet on around 8.7 acres of land next to the Port of Seattle and the city's SoDo district.

The estimated stabilized cap rate of the asset is 5.1%.