| Yesterday, San Francisco's Terreno Realty completed its firstBaltimore/Washington-area property buy, purchasing 135k SFwarehouse 8441 Dorsey Rd in Jessup from BJF Realty for $5.8M. Seller rep Allan Riorda of NAI KLNB tells us the deal is a sale-leaseback, with the former owner?s business (Sterling Moving and Storage) taking 60k SF and the balance of the building being marketed at $4.25/SF triple net. Due to the sale-leaseback and vacant space, buyer rep Chris Kubler (also NAI KLNB) tells us it's difficult to pin down a cap rate (he says if the rest of the building leases up at the asking rate, he could see it at a stabilized 10%). What motivated Terreno to make this property its first? Location and cost, says Chris. Works for us. |
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