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 Kent, Washington on April 13, 2021 for a purchase price of approximately $10.0 million.
The property consists of one industrial distribution building containing approximately 40,000 square feet and one flex building containing approximately 27,000 square feet on 4.4 acres. The property is at 21414 68th Avenue South in the northern Kent Valley, provides 8 dock-high and five grade-level loading positions and parking for 105 cars. The property is 100% leased to 3 tenants and the estimated stabilized cap rate is 5.5%.
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.