SAN FRANCISCO (September 10, 2018) – 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 September 7, 2018 for a purchase price of approximately $9.0 million.
The property consists of one industrial distribution building containing approximately 54,000 square feet on 3.4 acres adjacent to Interstate 880 between California Highways 84 and 92. The property is at 30991 San Clemente Street, provides 16 dock-high and two grade-level loading positions, parking for 89 cars and is 100% leased to three tenants, two of which expire by February 2020. The estimated stabilized cap rate of the property is 4.6%.
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.