SAN FRANCISCO (April 30, 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 San Leandro, California on April 27, 2018 for a purchase price of approximately $2.6 million.
The property consists of one light industrial building containing approximately 11,000 square feet on 1.3 acres. The property is at 14275 Wicks Boulevard, west of Interstate 880 and approximately three miles south of Oakland International Airport, provides three grade-level loading positions, parking for 60 cars and is 100% leased to one tenant. The estimated stabilized cap rate of the property is 5.2%.
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.