Home Commercial Terreno Realty Corporation Acquires Properties in Bellevue for $13MM

Terreno Realty Corporation Acquires Properties in Bellevue for $13MM

BELLEVUE, Wash.– Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired three industrial properties in Bellevue, Washington on February 23, 2022 for a purchase price of approximately $13.0 million.

The properties consist of:

  • One industrial distribution building at 11113 NE 33rd Place containing approximately 20,000 square feet on 0.9 acres with two dock-high and two-grade level loading positions and parking for 21 cars;
  • One flex building at 11110 Northup Way containing approximately 9,000 square feet on 0.8 acres with two dock-high and two grade-level loading positions and parking for 26 cars; and
  • One approximately 1.2-acre improved land parcel at 11135 NE 33rd Place.

The properties are adjacent to the intersection of I-405 and Washington SR 520. The property is 100% leased to three tenants and the estimated stabilized cap rate is 3.4%.

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.