B-TOWN BIZ: Industrial Building in Burien Sells for Around $6.5 Million
A company called Terreno Realty Corporation this week purchased an industrial property located in south Burien for a purchase price of approximately $6.5 million.
The building is located at 18331 8th Avenue South (map below), near Puget Sound Skills Center and Big Picture High School.
“The property consists of one multi-tenant industrial distribution building containing approximately 69,000 square feet on 4.8 acres,” reads an announcement. “The cross-dock airfreight building provides 49 dock-high and 10 drive-in doors and is immediately adjacent to the south side of Sea-Tac International Airport.”
Here’s more from a press release:
The property is 89% leased to four tenants, and the estimated stabilized cap rate of the property is 5.6%.
Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.
Terreno Realty Corporation is an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C./Baltimore.
Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.