Terreno Realty (TRNO) said on Thursday morning it has acquired a 33,000-square-foot industrial distribution property on 1.5 acres in Redmond, Washington, for about $9.3 million.
The property is now fully leased on a short-term basis and will be renovated to become a 26,000-square-foot building after the existing tenant leaves, the company said.
The acquisition costs include the initial purchase price along with the impact of marking assumed debt to market, due diligence, closing costs and estimated near-term capital expenditures and leasing expenses, the company added.
The transaction closed on Wednesday, Terreno said.
Terreno shares were down 2.8% in recent trading.
Price: 54.28, Change: -1.55, Percent Change: -2.78
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