Terreno Acquires Santa Ana Home Depot Store and Warehouse
Terreno Realty Corporation, headquartered in Bellevue, WA, has acquired an industrial property in Santa Ana, CA, fully leased to a major home improvement retailer identified in reports as Home Depot. The property was purchased for $49.5 million at an estimated stabilized capitalization rate of 5.7%. The identity of the seller was not disclosed.
The property, situated at 3500 W. MacArthur Blvd., encompasses approximately 134,000 square feet on 12.1 acres of industrial-zoned land. It is currently 100% leased and serves dual functions as both a retail location and a distribution center. Features of the site include seven dock-high and three grade-level loading positions.
This acquisition follows a series of strategic transactions by Terreno. Last month, the company sold the Garfield Business Center in Commerce for $97 million to a joint venture between the Palisade Group and funds managed by Benefit Street Partners. Earlier in the year, Terreno also completed the industrial redevelopment of a former multi-tenant office site in Santa Ana.
Terreno has not yet announced its future plans for the newly acquired property at 3500 W. MacArthur Blvd.
