Terreno Realty Corporation Acquires Properties in Bellevue, WA for $13.0 Million

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) has acquired three industrial properties in Bellevue, Washington on February 23, 2022, for approximately $13.0 million. The portfolio includes:

• One industrial distribution building (20,000 sq. ft.) at 11113 NE 33rd Place,
• One flex building (9,000 sq. ft.) at 11110 Northup Way,
• One improved land parcel (1.2 acres) at 11135 NE 33rd Place.

All properties are fully leased with an estimated stabilized cap rate of 3.4%.

Positive

• Acquisition expands portfolio in strategic coastal market.
• 100% occupancy highlights strong demand for industrial space.
• Stabilized cap rate of 3.4% indicates potential for attractive returns.

Negative

• None.

BELLEVUE, Wash.--(BUSINESS WIRE)-- Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired three industrial properties in Bellevue, Washington on February 23, 2022 for a purchase price of approximately $13.0 million.

The properties consist of:

• One industrial distribution building at 11113 NE 33^rd Place containing approximately 20,000 square feet on 0.9 acres with two dock-high and two-grade level loading positions and parking for 21 cars;
• One flex building at 11110 Northup Way containing approximately 9,000 square feet on 0.8 acres with two dock-high and two grade-level loading positions and parking for 26 cars; and
• One approximately 1.2-acre improved land parcel at 11135 NE 33^rd Place.

The properties are adjacent to the intersection of I-405 and Washington SR 520. The property is 100% leased to three tenants and the estimated stabilized cap rate is 3.4%.

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.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “result,” “should,” “will,” “seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,” “potential,” “enthusiastic,” “future” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates, the impact of the COVID-19 pandemic on our business, our tenants and the national and local economies, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2021 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220223006344/en/

Jaime Cannon

415-655-4580

 

Source: Terreno Realty Corporation

FAQ

What properties did Terreno Realty Corporation acquire in Bellevue?

Terreno Realty Corporation acquired an industrial distribution building, a flex building, and an improved land parcel in Bellevue, Washington.

What is the total investment for the Bellevue acquisition by TRNO?

The total investment for the Bellevue acquisition is approximately $13.0 million.

What is the estimated stabilized cap rate for the acquired properties?

The estimated stabilized cap rate for the acquired properties is 3.4%.

When was the acquisition of the Bellevue properties completed?

The acquisition was completed on February 23, 2022.

How many tenants occupy the Bellevue properties acquired by TRNO?

The Bellevue properties are 100% leased to three tenants.