SAN FRANCISCO–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 Tukwila, Washington on April 23, 2015 for a purchase price of approximately $3.2 million.
The property consists of one industrial distribution building containing approximately 34,000 square feet on approximately 2.0 acres in the northern Kent Valley. The property is at 18370-18380 Olympic Avenue South, provides eight dock-high loading positions, parking for 37 cars and is 100% leased to one tenant. The estimated stabilized cap rate of the property is 5.0%.
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 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.