SANTA ANA, CALIF. — Terreno Realty Corp. has acquired a 4.9-acre site at 1720 E. Garry Ave. in Santa Ana from Greenlaw Partners for $14.8 million.
The site consists of three multi-tenant office buildings leased on a short-term basis. Terreno plans to demolish the existing structures and construct an industrial project on the site.
Slated for completion in first-quarter 2025, the 91,500-square-foot rear-load distribution facility will offer 10 dock-high and two grade-level loading positions. Terreno’s total expected investment in the project is $40.6 million.
The industrial development is fully pre-leased to a provider of temperature-controlled life sciences supply chain solutions.
Rick Ellison, Jeff Chiate, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s Capital Markets team in Orange County, Calif., represented the seller in the transaction.