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 in Seattle, Washington on November 15, 2019 for a purchase price of approximately $2.9 million.
The 0.9-acre improved land parcel at 5200 East Marginal Way South is immediately adjacent to Terreno Realty Corporation’s property at 53 South Dawson and is adjacent to Seattle’s Port and SoDo District. The property is vacant and the estimated stabilized cap rate is 5.6%.
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.