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 December 23, 2021 for a purchase price of approximately $33.5 million (~$284 per square foot).
The property consists of two industrial distribution buildings containing approximately 118,000 square feet on 9.6 acres. The property is at 16650-16750 Woodinville Redmond Road, immediately adjacent to Terreno Realty Corporation’s property at 16224-16240 Woodinville Redmond Road, southeast of the intersection of I-405 and SR 522, provides 27 dock-high and eight grade-level loading positions and parking for 291 cars. The property is 100% leased to four tenants and the estimated stabilized cap rate is 3.7%.
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.