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 South San Francisco, California on July 10, 2020 for a purchase price of approximately $6.3 million.
The property consists of one industrial building containing approximately 22,000 square feet on 0.7 acres. The property is at 179 Starlite Street, adjacent to Highway 101 between San Francisco International Airport and the city of San Francisco, which provides two dock-high and one grade-level loading positions and parking for 15 cars. The property is 100% leased to one tenant (Raison D’etre Bakery). The estimated stabilized cap rate of the property is 4.7%.
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 a www.terreno.com.