BELLEVUE, Wash.– 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 Bellevue, Washington on January 5, 2024 for a purchase price of approximately $6.5 million (about $406 per square foot).
The property consists of one industrial distribution building containing approximately 16,000 square feet on 1.8 acres. The property is at 13045 SE 32nd Street adjacent to the intersection of I-90 and I-405, provides three dock-high and two grade-level loading positions and parking for 22 cars. The property is vacant and the estimated stabilized cap rate is 5.8%.
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.
