Terreno Realty Buys a 60,000-Square-Foot South San Francisco Distribution Building for $19 Million

SOUTH SAN FRANCISCO, Calif. — Terreno Realty Corporation acquired an industrial distribution building at 233 East Harris Avenue in South San Francisco on Nov. 6 for approximately $19.0 million, the company announced Nov. 10. The seller was not named.

The building totals approximately 60,000 square feet on 2.1 acres, with four dock-high, one van-high and two grade-level loading positions and parking for 57 cars. Terreno places it between San Francisco International Airport and San Francisco. The building is 100% leased to one tenant, not named in the release, and Terreno puts the estimated stabilized cap rate at 4.8%. The price works out to roughly $317 per square foot of building ($19.0 million ÷ 60,000 sq ft). The release describes no jobs or investment beyond the purchase price.