Terreno Realty Corporation Acquires Property in Brooklyn, NY for $27.5 Million

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Terreno Realty Corporation acquires industrial property in Red Hook, Brooklyn for $27.5 million

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• Terreno Realty Corporation acquired an industrial property in Red Hook, Brooklyn, New York for $27.5 million. The property consists of one industrial flex building with 96,000 square feet on 3.8 acres. It is 66% leased to 19 tenants and has an estimated stabilized cap rate of 6.4%.

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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 Red Hook, Brooklyn, New York on October 11, 2023 for a purchase price of approximately $27.5 million.

The property consists of one industrial flex building containing approximately 96,000 square feet on 3.8 acres. The property is at 185 Van Dyke Street, on the Upper New York Bay waterfront, provides two dock-high and ten grade-level loading positions and off-street parking for 26 cars. The property is 66% leased to 19 tenants and the estimated stabilized cap rate is 6.4%.

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, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2022 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/20231006279206/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What did Terreno Realty Corporation acquire?

Terreno Realty Corporation acquired an industrial property in Red Hook, Brooklyn, New York.

How much did Terreno Realty Corporation pay for the property?

Terreno Realty Corporation paid approximately $27.5 million for the property.

What is the size of the property?

The property consists of one industrial flex building with approximately 96,000 square feet on 3.8 acres.

How much of the property is leased?

The property is 66% leased to 19 tenants.

What is the estimated stabilized cap rate of the property?

The estimated stabilized cap rate of the property is 6.4%.