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 in Redmond, Washington on June 17, 2022 for a purchase price of approximately $19.9 million.
The 3.5-acre improved land parcel at 8660 Willows Road is between I-405 and SR 520 and less than one-half mile from Terreno Realty Corporation’s properties at 9045 Willows Road and 14505-14515 NE 91st Street. The property is 38% leased to one tenant and the estimated stabilized cap rate is 4.3%.
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.