Home Commercial Terreno Realty Acquires Property in Kirkland for $33.8MM

Terreno Realty Acquires Property in Kirkland for $33.8MM

Prologis, Prologis Targeted U.S. Logistics fund, New York State Common Retirement Fund, Ohio Bureau of Workers Compensation Fund, New York Common, Ohio BWC, US Logistics Fund

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 Kirkland, Washington on February 25, 2021 for a purchase price of approximately $33.8 million.

The property consists of one industrial distribution building containing approximately 127,000 square feet on 7.2 acres. The property is at 10822-10856 117th Place NE, adjacent to I-405, provides 20 dock-high and seven grade-level loading positions and parking for 252 cars. The property is 100% leased to five tenants, all of which expire by December 2026. The estimated stabilized cap rate of the property is 2.9%.

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.