Terreno Realty (TRNO) said Monday it acquired an industrial property in Torrance, California, on Friday for about $14.7 million.
The property includes one industrial distribution building with roughly 36,000 square feet on 1.7 acres and is 100% leased to one tenant through Nov. 30, the company added.
Starting Dec. 1, Terreno has a new lease in place for the entire building with a company that builds floating sensors for autonomous maritime drones, the company said. The new lease runs through February 2030, it said.
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