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.