SAN FRANCISCO (May 29, 2019) – Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired two industrial properties located in San Francisco, California on May 28, 2019 for a purchase price of approximately $47.8 million.
The properties consist of two industrial buildings containing approximately 119,000 square feet on 2.7 acres in the Dogpatch submarket of San Francisco’s Central Waterfront. The properties are at 1501 Tennessee Street and 1400 Minnesota Street, provide 12 dock-high and 15 grade-level loading positions and parking for 12 cars. The properties are 100% leased to nine tenants, two of which expire within one year and all of which expire by January 2024. The estimated stabilized cap rate of the property is 4.0%.
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.