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 in San Jose, California on March 12, 2020 for a purchase price of approximately $11.8 million.
The 2.7-acre improved land parcel at 1691 Old Bayshore Highway is adjacent to the intersection of U.S. Highway 101 and I-880 and less than one mile from Norman Y. Mineta San Jose International Airport. The property is 100% leased to one tenant and the estimated stabilized cap rate is 5.0%.
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.