Terreno Realty Corporation Acquires Property in Inglewood, CA for $10.0 Million
Terreno Realty Corporation (NYSE:TRNO) has acquired an industrial property in Inglewood, CA for $10.0 million, finalized on October 26, 2020. The 1.9-acre land parcel, located at 8831 Aviation Boulevard, is adjacent to Los Angeles International Airport and will be vacant due to a tenant termination agreement. The estimated stabilized cap rate for this acquisition is 5.7%, calculated based on stabilized market occupancy and associated acquisition costs. Terreno Realty operates in six major coastal U.S. markets.
- Acquisition of property adjacent to Los Angeles International Airport enhances strategic positioning.
- Estimated stabilized cap rate of 5.7% indicates potential for solid returns.
- Property will be vacant post-acquisition, leading to potential initial revenue loss.
- Forward-looking statements highlight uncertainties regarding future performance.
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 in Inglewood, CA on October 26, 2020 for a purchase price of approximately
The 1.9-acre improved land parcel at 8831 Aviation Boulevard is west of I-405 and adjacent to Los Angeles International Airport. The property will be vacant pursuant to a termination agreement executed between the existing tenant and Terreno Realty Corporation and the estimated stabilized cap rate 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.
