Terreno Realty Corporation Acquires Industrial Property in San Jose for $23MM

24493 Clawiter Road Hayward Bay Area Duke Realty Prologis CBRE CEVA
Photo by Marcin Jozwiak on Unsplash

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 October 29, 2021 for a purchase price of approximately $23.0 million.

The 7.2-acre improved land parcel at 1300 Berryessa Road is between U.S. 101 and Interstate 680 and adjacent to the Berryessa/North San Jose Bay Area Rapid Transit Station. The property is vacant and the estimated stabilized cap rate 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.

West Coast Commercial Real Estate News