Home Commercial Terreno Realty Acquires Three Industrial Properties in Seattle for $50MM

Terreno Realty Acquires Three Industrial Properties in Seattle for $50MM

Terreno Realty Corporation, Seattle, SoDo

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:

AddressPriceOccupancyAcresStabilized Cap Rate
9801$11.9 million100%3.12.4%
9845$15.8 million100%3.43.4%
9600$22.4 million0%5.24.9%

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.