Terreno Realty Corporation Acquires Property in Elizabeth, NJ for $44.0 Million

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) acquired an industrial property in Elizabeth, New Jersey for approximately $44.0 million on October 20, 2021. This property features a 31,000 square foot transshipment building on 6 acres, with 52 dock-high and 2 grade-level loading positions. It is fully leased to a single tenant on a short-term lease. The projected stabilized cap rate is 4.8%, indicating potential future revenue growth for the company.

Positive

• Acquisition of industrial property for $44.0 million enhances portfolio.
• Property located near major transport hubs, increasing strategic value.
• Projected stabilized cap rate of 4.8% indicates potential for revenue growth.

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 an industrial property located in Elizabeth, New Jersey on October 20, 2021 for a purchase price of approximately $44.0 million.

The property consists of one industrial transshipment building containing approximately 31,000 square feet on 6.0 acres. The property is at 228 North Avenue, adjacent to Exit 13A of the New Jersey Turnpike, Port Newark and Newark Liberty International Airport, provides 52 dock-high and two grade-level loading positions and parking for 33 cars and 153 trailers. The property is 100% leased to one tenant on a short-term basis. The estimated stabilized cap rate of the property after releasing is 4.8%.

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/20211021005118/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What was the acquisition price for the New Jersey property by TRNO?

Terreno Realty Corporation acquired the New Jersey property for approximately $44.0 million.

What is the size and type of the property acquired by TRNO?

The property consists of a 31,000 square foot industrial transshipment building on 6 acres.

What is the expected stabilized cap rate for the acquired property?

The expected stabilized cap rate for the acquired property is 4.8%.

When did Terreno Realty Corporation acquire the Elizabeth, NJ property?

Terreno Realty Corporation acquired the property on October 20, 2021.