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 June 1, 2022 for a purchase price of approximately $34.6 million.
The property consists of five industrial distribution buildings containing approximately 104,000 square feet on 4.2 acres. The property is at 2953-2999 and 3041-3057 Teagarden Street, adjacent to I-880 and Oakland International Airport, provides 12 dock-high and eight grade-level loading positions and parking for 119 cars. The property is 100% leased to 13 tenants, all of which expire by 2027, and the estimated stabilized cap rate is 3.5%.
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.