Terreno Realty Corporation Acquires Property in Bellevue, WA for $11.7 Million
Terreno Realty Corporation (NYSE:TRNO) has successfully acquired an industrial property in Bellevue, Washington, for approximately $11.7 million on November 6, 2020. The property features a 39,000 square foot industrial flex building on 2.1 acres, currently 100% leased to one tenant. Located adjacent to major highways, it provides significant operational advantages, including a 4.9% stabilized cap rate based on the estimated annualized net operating income. This acquisition furthers Terreno's expansion in key coastal U.S. markets.
- Acquisition of an industrial property enhances portfolio.
- Property 100% leased, ensuring stable cash flow.
- Strategically located near I-90 and I-405, benefiting operational efficiency.
- Estimated stabilized cap rate of 4.9% indicates strong investment potential.
- None.
SAN FRANCISCO--(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 Bellevue, Washington on November 6, 2020 for a purchase price of approximately
The property consists of one industrial flex building containing approximately 39,000 square feet on 2.1 acres. The property is at 13150 SE 32nd Street, adjacent to the intersection of I-90 and I-405, provides one dock-high loading position and parking for 80 cars. The property is
Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally
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, 2019 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.
