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Terreno Realty Corp. has acquired a two-building industrial site in Fremont, Calif. for $7.3 million, the company announced Friday.
The San Francisco-based owner-operator of industrial sites said the property includes two multi-tenant industrial buildings totaling about 140,000 square feet. It currently is only 50 percent occupied with two tenants.
When the market recovers and the site attracts more tenants, it will return 10.3 of its purchase price annually, the company estimates.
Fremont has been hit hard by the downturn in commercial real estate. Industrial sites there have been difficult to market because borrowers are having trouble getting bank financing.
Terreno is buying the property using cash on hand.
The site was listed in November for $8.5 million -- a fraction of what it would have cost a few years ago, according to local real estate experts.