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Tuesday, November 10, 2026Commercial real estate news

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Industrial property acquisition / NEWS

Terreno buys South San Francisco distribution property for $19 million

The acquisition closed Nov. 6, and the approximately 60,000-square-foot building is fully leased to one tenant, the buyer said.

Adrian ColeInvestment SalesNovember 10, 2026 · 2 min read

Archival aerial view of industrial buildings, roads and parking areas along East Harris Avenue in South San Francisco. — Archival aerial view of industrial buildings along East Harris Avenue in South San Francisco, May 20, 2024. (USDA National Agriculture Imagery Program) Archival illustrative photograph; not presented as the specific property in this report. Photo: USDA National Agriculture Imagery Program · Public domain (USDA NAIP). CSS display crop.

Purchase and leasing status

Terreno Realty Corporation acquired an industrial property at 233 East Harris Avenue in South San Francisco, California, for approximately $19 million on Nov. 6, according to a company release issued Nov. 10. The release did not identify the seller. Terreno Realty Corporation Acquires Property in South San Francisco, CA for $19.0 Million

The purchase comprises one distribution building of approximately 60,000 square feet on 2.1 acres. Terreno said the building is 100% leased to one tenant, whom it did not name. The company described the property as being between San Francisco International Airport and the city of San Francisco. Terreno Realty Corporation Acquires Property in South San Francisco, CA for $19.0 Million

Return estimate

Terreno estimated a stabilized capitalization rate of 4.8% for the acquisition. Under the company's methodology, the rate divides annualized cash-basis net operating income, stabilized to market occupancy, by total acquisition cost. Terreno said market occupancy is generally 95% for that calculation. Terreno Realty Corporation Acquires Property in South San Francisco, CA for $19.0 Million

The company's definition of total acquisition cost includes the initial purchase price as well as the effects of marking assumed debt to market, buyer due diligence and closing costs. It also includes estimated near-term capital expenditures and leasing costs necessary to reach stabilization. Terreno cautioned that its estimated stabilized cap rates are forward-looking and that actual results may differ from estimates. Terreno Realty Corporation Acquires Property in South San Francisco, CA for $19.0 Million

Terreno describes itself as an owner and operator of industrial real estate in six major coastal U.S. markets, including the San Francisco Bay Area. Its announcement did not disclose the tenant's lease terms. Terreno Realty Corporation Acquires Property in South San Francisco, CA for $19.0 Million

industrial acquisition distribution