Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, has sold an industrial property located in Bellevue, Washington, for approximately $17.5 million.
The property consists of one industrial flex building containing approximately 39,000 square feet on 2.1 acres, which is vacant. Terreno Realty Corporation purchased the property in 2020 for $11.7 million from the then-tenant, a shoe company called Topline. The unleveraged internal rate of return generated by the investment was 11.1%.
The property is located at 13150 S.E. 32nd St. The buyer was Sand Holdings Estate LLC, an entity associated with a Bellevue investor. Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets, including New York City and Northern New Jersey, Los Angeles, Miami, the San Francisco Bay Area, Seattle, and Washington, D.C.
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