San Francisco-based real estate investment trust Terreno Realty Corporation has closed on the disposition of an industrial building in the Jessup section of Howard County for $11.5 million. The buyer, The Class Produce Group, currently occupies 100 percent of the 135,000 square foot facility. Class Produce Group is a privately-owned wholesaler of fruits and vegetables that also manufactures private-label products. Allan Riorda, President and Principal of Lee & Associates Maryland, represented both the buyer and the seller in this transaction.
“This warehouse/industrial building represented the inaugural investment for Terreno Realty Trust in the Mid-Atlantic region and, based on the continued health of the Baltimore-Washington, D.C. real estate environment and the high demand for products of this type, they earned a substantial return in a relatively short time span,” stated Riorda. “The new owner acquired a strategically-located and highly-functional asset that is perfectly suited to support their real estate requirements in the long-term.”
