Terreno Realty sells California industrial property for $97M

Terreno Realty (TRNO) Corporation sold an industrial property in Commerce, California, on May 22 for approximately $97M. The property consists of five multi-tenant industrial buildings totaling approximately 545,000 square feet on 24 acres, 99% leased to 12 tenants. The company purchased the property on May 30, 2012, for $52.4M, generating an unleveraged internal rate of return of 9.5%.