SAN FRANCISCO–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 Auburn, Washington on August 21, 2019 for a purchase price of approximately $9.5 million.
The property consists of one industrial building containing approximately 70,000 square feet on approximately 3.9 acres adjacent to Valley Freeway, State Route 167, in Kent Valley. The property, at 1620 Industry Drive SW, provides 13 dock-high and seven grade-level loading positions, parking for 37 cars and is 100% leased to six tenants. The estimated stabilized cap rate of the property is 5.1%.
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.
Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.