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 Redmond, Washington on April 8, 2022 for a purchase price of approximately $9.8 million.
The property consists of two industrial distribution buildings containing approximately 32,000 square feet on 2.0 acres. The property is at 14505-14515 NE 91st Street, between I-405 and SR 520 adjacent to Terreno Realty Corporation’s property at 9045 Willows Road, provides 13 grade-level loading positions and parking for 58 cars. The property is 100% leased to one tenant and the estimated stabilized cap rate is 4.1%.
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.