Terreno Realty Acquires Property in Hayward for $8.3MM

Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Hayward, California on August 26, 2021 for a purchase price of approximately $8.3 million (roughly $202 per square foot).

The property consists of two industrial distribution buildings containing approximately 41,000 square feet on 2.0 acres. The property is at 23482-23520 Foley Street, northwest of the intersection of I-880 and CA 92, and provides 14 grade-level loading positions and parking for 64 cars. The property is 92% leased to 10 tenants, all of which expire by December 2025. The estimated stabilized cap rate of the property is 4.9%.

Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.

Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.

West Coast Commercial Real Estate News