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 Seattle, Washington on March 6, 2018 for a purchase price of approximately $42.0 million.
The property consists of one industrial distribution building that upon renovation, expected to be substantially complete by the end of 2019, will contain approximately 235,000 square feet on approximately 8.7 acres adjacent to Seattle’s Port and SoDo district. The property is at 4786 1st Avenue South, provides 29 dock-high and two grade-level loading positions, parking for 71 cars and is 65% leased to three tenants. The estimated stabilized cap rate of the property is 5.1%.
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.