San Francisco– 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 Seattle, Washington on May 13, 2020 for a purchase price of approximately $5.6 million.
The property consists of one industrial building containing approximately 13,000 square feet on 1.1 acres. The property is at 36 South Hudson Street, within three blocks of Terreno Realty Corporation’s SoDo Row redevelopment property and three additional Terreno properties, provides three grade-level loading positions and excess yard and is 100% leased to one tenant through December 2021. The estimated stabilized cap rate of the property is 4.0%.
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.