SAN FRANCISCO (October 25, 2018) – 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 Kent, Washington on October 24, 2018 for a purchase price of approximately $12.4 million.
The property consists of one 12.7-acre improved land parcel. A new rear-load industrial distribution building is under development on the site and will contain approximately 220,000 square feet when completed prior to year end 2019. The property is at 8615 South 192nd Street, adjacent to Washington State Route 167 in the Northern Kent Valley and will provide 47 dock-high and two grade-level loading positions, 36-foot clear height, and parking for 137 cars and 30 trailers. The estimated stabilized cap rate of the property is 5.6% and the total expected investment is $33.9 million.
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.