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 Seattle, Washington on May 12, 2021 for a purchase price of approximately $16.5 million.
The property consists of one industrial distribution building containing approximately 19,000 square feet and two flex buildings containing an aggregate of approximately 33,000 square feet on 2.9 acres. The property is at 2454 Occidental Avenue South in Seattle’s SoDo District, provides 12 dock-high and two grade-level loading positions and parking for 127 cars. The property is 92% leased to five tenants, all of which expire by June 2023, and the estimated stabilized cap rate is 4.6%.
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.