SAN FRANCISCO (September 18, 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 September 17, 2018 for a purchase price of approximately $22.8 million.
The property consists of three industrial distribution buildings containing approximately 128,000 square feet on 7.3 acres. The property is at 701 Whitney Street, west of Interstate 880 and less than two miles from Oakland International Airport, provides 14 dock-high and 19 grade-level loading positions, parking for 156 cars and is 95.4% leased to 13 tenants, seven of whom expire within 12 months. The estimated stabilized cap rate of the property is 4.8%.
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.