Blake Baird Of Terreno Realty Corporation Acquires Industrial Buildings From MetLife For $35.5M

The transaction involves two fully leased industrial distribution buildings located at 3700 and 3730 Redondo Beach Avenue in Redondo Beach, California. The properties encompass a total area of 100,000 square feet across 5.1 acres, purchased for a price of $35,500,000, which equals $355 per square foot.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $35,500,000
• Square Footage: 100,000
• Address: 3700 & 3730 Redondo Beach Avenue
• Market: Redondo Beach
• Seller: MetLife Real Estate Investors
• Buyer: Blake Baird - Terreno Realty Corporation
• Estimated Stabilized Cap Rate: 5.8%
• Acres: 5.1
• PPSF: $355

Blake Baird from Terreno Realty Corporation acquired the property from a MetLife affiliate, which represents the seller's interests in this transaction. The purchase indicated support for industrial assets in the region, sitting adjacent to another property owned by Terreno Realty Corporation.