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 July 7, 2017 for a purchase price of approximately $4.0 million.
The property consists of one industrial trans-shipment building containing approximately 13,000 square feet on approximately 1.4 acres adjacent to Seattle’s Port and SoDo district. The property is at 53 S Dawson Street, provides 12 dock-high and three grade-level loading positions, and is 100% leased to one tenant through February 2019. The estimated stabilized cap rate of the property is 2.8%.
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./Baltimore.
Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.