Terreno Realty Corporation Completes Redevelopment in Santa Ana, CA
Terreno Realty (NYSE:TRNO) has completed the redevelopment of a property in Santa Ana, California on February 13, 2025. The 4.9-acre property, located at 1720 East Garry Avenue near the Costa Mesa Freeway, has been transformed from three multi-tenant office buildings into a 92,000 square foot rear-load industrial distribution building.
The new LEED Silver certified facility features ten dock-high and two grade-level loading positions, along with parking for 145 cars. The total investment amounts to $41.3 million. The property is fully leased to a provider of temperature-controlled life sciences supply chain solutions, with an estimated stabilized cap rate of 5.1%.
Terreno Realty (NYSE:TRNO) ha completato la riqualificazione di una proprietà a Santa Ana, California, il 13 febbraio 2025. La proprietà di 4,9 acri, situata al 1720 East Garry Avenue vicino all'autostrada Costa Mesa, è stata trasformata da tre edifici per uffici multi-tenant in un edificio industriale per distribuzione di 92.000 piedi quadrati.
La nuova struttura certificata LEED Silver presenta dieci posizioni di carico dock-high e due a livello strada, insieme a parcheggio per 145 auto. L'investimento totale ammonta a 41,3 milioni di dollari. La proprietà è completamente affittata a un fornitore di soluzioni per la catena di approvvigionamento delle scienze della vita a temperatura controllata, con un tasso di capitalizzazione stabilizzato stimato del 5,1%.
Terreno Realty (NYSE:TRNO) ha completado la remodelación de una propiedad en Santa Ana, California, el 13 de febrero de 2025. La propiedad de 4.9 acres, ubicada en 1720 East Garry Avenue cerca de la autopista Costa Mesa, ha sido transformada de tres edificios de oficinas multi-inquilino a un edificio industrial de distribución de 92,000 pies cuadrados.
La nueva instalación, certificada LEED Silver, cuenta con diez posiciones de carga dock-high y dos a nivel de calle, junto con estacionamiento para 145 autos. La inversión total asciende a 41.3 millones de dólares. La propiedad está completamente alquilada a un proveedor de soluciones de cadena de suministro de ciencias de la vida controladas por temperatura, con una tasa de capitalización estabilizada estimada del 5.1%.
Terreno Realty (NYSE:TRNO)는 2025년 2월 13일 캘리포니아 주 산타 아나에 있는 부동산의 재개발을 완료했습니다. 4.9에이커 규모의 이 부동산은 코스타 메사 고속도로 근처의 1720 East Garry Avenue에 위치하고 있으며, 세 개의 다세대 사무실 건물에서 92,000 평방피트의 후면 하역 산업 유통 건물로 탈바꿈했습니다.
새로운 LEED 실버 인증 시설은 10개의 도크 높이 하역 위치와 2개의 지면 수준 하역 위치를 갖추고 있으며, 145대의 차량 주차 공간이 있습니다. 총 투자액은 4,130만 달러에 달합니다. 이 부동산은 온도 조절이 가능한 생명 과학 공급망 솔루션 제공업체에 전적으로 임대되어 있으며, 안정화된 자본화율은 5.1%로 추정됩니다.
Terreno Realty (NYSE:TRNO) a achevé la réhabilitation d'une propriété à Santa Ana, Californie, le 13 février 2025. La propriété de 4,9 acres, située au 1720 East Garry Avenue près de l'autoroute Costa Mesa, a été transformée de trois bâtiments de bureaux multi-locataires en un bâtiment industriel de distribution de 92 000 pieds carrés.
La nouvelle installation certifiée LEED Silver dispose de dix postes de chargement de niveau quai et de deux postes de niveau de rue, ainsi que d'un stationnement pour 145 voitures. L'investissement total s'élève à 41,3 millions de dollars. La propriété est entièrement louée à un fournisseur de solutions de chaîne d'approvisionnement en sciences de la vie à température contrôlée, avec un taux de capitalisation stabilisé estimé à 5,1 %.
Terreno Realty (NYSE:TRNO) hat am 13. Februar 2025 die Neugestaltung einer Immobilie in Santa Ana, Kalifornien, abgeschlossen. Die 4,9 Acres große Immobilie, gelegen in der 1720 East Garry Avenue in der Nähe der Costa Mesa Freeway, wurde von drei Mehrmieterbürogebäuden in ein 92.000 Quadratfuß großes rückseitiges Industrie-Verteilungsgebäude umgewandelt.
Die neue, mit LEED Silver zertifizierte Anlage verfügt über zehn Dock-High- und zwei ebenerdige Ladepositionen sowie Parkplätze für 145 Autos. Die Gesamtinvestition beläuft sich auf 41,3 Millionen Dollar. Die Immobilie ist vollständig an einen Anbieter von temperaturkontrollierten Lösungen für die Lieferkette der Lebenswissenschaften vermietet, mit einer geschätzten stabilisierten Kapitalisierungsrate von 5,1 %.
- 100% occupancy with single tenant lease secured
- LEED Silver certification achieved for the property
- Strategic location near major highways and John Wayne Airport
- Successful conversion from office to industrial distribution space
- Relatively low estimated stabilized cap rate of 5.1%
- Significant capital investment of $41.3 million required
Insights
This redevelopment project represents a strategic pivot that capitalizes on several key market trends. The conversion from multi-tenant office buildings to industrial space in Orange County demonstrates astute market positioning, particularly as industrial vacancy rates in prime coastal markets remain historically low while office vacancies continue to challenge property owners.
The
The secured lease with a temperature-controlled life sciences logistics provider is particularly noteworthy. Life sciences tenants typically sign longer-term leases and invest significantly in specialized infrastructure, reducing turnover risk. The
The 92,000 square foot facility's specifications, including ten dock-high positions and ample parking, align with modern logistics requirements. This transformation has effectively repositioned an aging office asset into a high-utility industrial facility in a supply-constrained market, potentially creating significant value beyond the stated investment cost.
The property at 1720 East Garry Avenue is immediately adjacent to the Costa Mesa Freeway (CA 55) and less than two miles from the intersection of CA 55 and I-405 and the John Wayne Airport in
Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal
Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “result,” “should,” “will,” “seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,” “potential,” “enthusiastic,” “future” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2024 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250210249797/en/
Jaime Cannon
415-655-4580
Source: Terreno Realty Corporation
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