Terreno Realty Corporation Acquires Property in Alexandria, VA for $9.0 Million

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) has acquired an industrial property in Alexandria, Virginia, for approximately $9.0 million on October 29, 2021. The property features a distribution building of about 28,000 square feet on 1.3 acres, located within the Capital Beltway. It offers two dock-high and one grade-level loading positions, alongside parking for 20 vehicles. The estimated stabilized cap rate is 4.5%, calculated based on expected market occupancy and total acquisition costs.

Positive

• Acquisition of industrial property in Alexandria enhances portfolio.
• Estimated stabilized cap rate of 4.5% indicates potential for solid returns.

Negative

• Property is currently vacant, which may affect short-term revenue.

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 an industrial property located in Alexandria, Virginia on October 29, 2021 for a purchase price of approximately $9.0 million.

The property consists of one industrial distribution building containing approximately 28,000 square feet on 1.3 acres. The property is at 619 S. Pickett Street, inside the Capital Beltway, provides two dock-high and one grade-level loading positions and parking for 20 cars. The property is vacant and the estimated stabilized cap rate is 4.5%.

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, 2020 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/20211101005155/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What is the acquisition price of the Alexandria property by TRNO?

Terreno Realty Corporation acquired the Alexandria property for approximately $9.0 million.

What is the estimated stabilized cap rate for the Alexandria property?

The estimated stabilized cap rate for the property is 4.5%.

What are the features of the newly acquired property in Alexandria?

The property consists of an industrial distribution building with approximately 28,000 square feet and includes two dock-high and one grade-level loading positions.

When did Terreno Realty Corporation acquire the Alexandria property?

Terreno Realty Corporation acquired the Alexandria property on October 29, 2021.