(EDITOR’S NOTE: According to public records, the property is developed with a 14,620 square foot warehouse originally constructed in 1963. The lot totals about 3.2 acres.)
BELLEVUE, Wash.– Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Renton, Washington on June 14, 2021 for a purchase price of approximately $7.6 million.
The 3.4-acre improved land parcel at 500 SW 16th Street is immediately adjacent to I-405 between State Route 167 (Valley Freeway) and State Route 181 (West Valley Highway). The property is 100 percent leased to one tenant and the estimated stabilized cap rate is 1.5 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.
About Terreno Realty Corporation
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.