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 April 21, 2017 for a purchase price of approximately $5.9 million.
The property consists of one industrial distribution building containing approximately 35,000 square feet on approximately 1.1 acres within the SoDo district and immediately adjacent to Seattle’s Port. The property is at 25-29 South Hanford Street, provides six dock-high and one grade level loading positions, parking for 30 cars and is 72 percent leased to two tenants. The estimated stabilized cap rate of the property is 5.0 percent.
Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95 percent) 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./Baltimore.