Bellevue, WA-based Terreno Realty Corporation acquired an industrial property located in Santa Ana and leased to a home improvement retailer, identified in published reports as Home Depot. The purchase price was $49.5 million at an estimated stabilized cap rate of 5.7%; the seller was not disclosed.
Located at 3500 W. MacArthur Blvd., the property spans approximately 134,000 square feet on 12.1 acres of industrial zoned land. The property is currently 100% leased and is operated as a retail location and distribution center. It provides seven dock-high and three grade-level loading positions.
Last month, Terreno sold Garfield Business Center in Commerce for $97 million to a joint venture of Palisade Group and vehicles managed by Benefit Street Partners. In February, Terreno completed the industrial redevelopment of another property in Santa Ana that formerly held three multi-tenant office buildings. The REIT didn’t disclose plans for 3500 W. MacArthur.
The post Terreno Acquires Santa Ana Home Depot Store and Warehouse appeared first on Connect CRE.
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