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.