Terreno Realty Acquires Property in San Jose for $8MM

BELLEVUE, Wash.– 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 in San Jose, California on April 21, 2021 for a purchase price of approximately $8.0 million.

The 2.2-acre improved land parcel at 560 East Gish Road is adjacent to the intersection of I-880 and US 101 and Norman Y. Mineta San Jose International Airport. The property is 100% leased to one tenant and the estimated stabilized cap rate is 4.8%.

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.

West Coast Commercial Real Estate News