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 Seattle, Washington on January 25, 2016 for a purchase price of approximately $6.5 million.
The property consists of one industrial distribution building containing approximately 35,000 square feet on approximately 1.7 acres adjacent to Seattle’s Port and SoDo district. The property is at 4930 3rd Avenue South, provides four dock-high and one grade level loading positions, parking for 37 cars, excess yard and is 100% leased to one tenant. The estimated stabilized cap rate of the property is 6.3%. 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.
About Terreno Realty Corporation
Terreno Realty Corporation is an acquirer, owner and operator of 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./Baltimore. Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.