BELLEVUE, Wash. — 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 Woodinville, Washington on October 1, 2021 for a purchase price of approximately $23.6 million.
The property consists of one industrial distribution building containing approximately 84,000 square feet on 5.1 acres. The property is at 16224-16240 Woodinville Redmond Road, southeast of the intersection of I-405 and SR 522, provides 16 dock-high and three grade-level loading positions and parking for 139 cars. The property is 100% leased to one tenant. The estimated stabilized cap rate of the property is 3.1%.
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.