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 in Kent, Washington on April 17, 2020 for a purchase price of approximately $4.5 million.
The 2.8-acre improved land parcel at 20045 84th Avenue South is in the northern Kent Valley adjacent to Terreno Realty Corporation’s Kent 202nd property. The property is 100% leased to one tenant on a month-to-month basis and the estimated stabilized cap rate is 5.7%.
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.