Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired three industrial properties in Seattle, Washington on August 11, 2021 for a purchase price of approximately $50.0 million.
The improved land parcels totaling 11.7 acres are on Martin Luther King Jr Way S adjacent to King County International Airport-Boeing Field and Interstate 5. Property details are:
| Address | Price | Occupancy | Acres | Stabilized Cap Rate | ||||
| 9801 | $11.9 million | 100% | 3.1 | 2.4% | ||||
| 9845 | $15.8 million | 100% | 3.4 | 3.4% | ||||
| 9600 | $22.4 million | 0% | 5.2 | 4.9% |
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.
