Realty company buys cluster warehouses in Franconia for $84.3 million

Realty company Terreno Realty Corporation may have plans for a cluster of warehouses called the Fleet Industrial Park in Franconia.

The company recently announced that it purchased 6584-6674 Fleet Drive, a group of four industrial distribution buildings, for $84.3 million.

The buildings are approximately 357,000 square feet on a 19.1-acre lot.

In the release, Terreno Realty Corporation noted that the leases at the lot all expire by 2031:

The property is at 6584-6674 Fleet Drive approximately two miles from the intersection of I-95/395 and I-495 (Capital Beltway), provides 67 dock-high and 38 grade-level loading positions and parking for 580 cars. The property is 100% leased to 21 tenants, with all leases expiring by 2031, and the estimated stabilized cap rate is 5.3%.

Photo via Google Maps
H/t Ryan Belmore