SAN FRANCISCO–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 May 14, 2014 for a purchase price of approximately $13.3 million.
The property consists of three buildings containing approximately 129,000 square feet on 6.0 acres less than four miles from Oakland International Airport and approximately nine miles from the Port of Oakland. The property is at 2054-2070 Burroughs Avenue in San Leandro, provides 25 dock-high loading positions and is 100% leased to one tenant. The estimated stabilized cap rate of the property is 5.3%.
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 is an acquirer, owner and operator of 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./Baltimore.