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 located in San Leandro, California on March 31, 2021 for a purchase price of approximately $17.6 million (approximately $157 per square foot).
The property consists of three industrial distribution buildings containing approximately 112,000 square feet on 7.8 acres. The property is at 2002-2150 Edison Avenue, west of I-880 and immediately adjacent to Terreno Realty Corporation’s three-building Whitney Street portfolio, provides 25 dock-high and 17 grade-level loading positions and parking for 152 cars. The property is 100% leased to 13 tenants, all of which expire by June 2023. The estimated stabilized cap rate of the property is 5.6%.
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.