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.