Terreno Realty (TRNO) said Friday it has completed the redevelopment of a Santa Ana, California, property.
The company said it has converted the 4.9-acre property from three multi-tenant office buildings into a 92,000-square-foot rear-load industrial distribution facility, for a total investment of $41.3 million.
The redeveloped property is fully leased to an unnamed provider of temperature-controlled life sciences supply chain solutions, with an estimated stabilized cap rate of 5.1%, the company said.
Price: 67.55, Change: +0.23, Percent Change: +0.34
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