Terreno Realty Corporation Acquires Property in Miami, FL for $4.7 Million

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) has acquired an industrial property in Miami, Florida for approximately $4.7 million on October 24, 2022. The property spans 16,000 square feet on 0.7 acres, featuring 2 dock-high loading positions and parking for 15 cars. It is located near Miami International Airport and the Palmetto Expressway, with an estimated stabilized cap rate of 5.2%. This acquisition enhances Terreno's portfolio across six major U.S. coastal markets.

Positive

• Acquisition of a strategically located industrial property in Miami.
• Estimated stabilized cap rate of 5.2%, indicating potential for solid returns.
• Expansion of portfolio in a key market, supporting long-term 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 Miami, Florida on October 24, 2022 for a purchase price of approximately $4.7 million.

The property consists of one industrial distribution building containing approximately 16,000 square feet on 0.7 acres. The property is at 7045 NW 46^th Street, adjacent to Miami International Airport and the Palmetto Expressway, provides 2 dock-high loading positions and parking for 15 cars. The property is vacant and the estimated stabilized cap rate is 5.2%.

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, 2021 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/20221017006089/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What did Terreno Realty Corporation acquire on October 24, 2022?

Terreno Realty Corporation acquired an industrial property in Miami, Florida for approximately $4.7 million.

What is the size of the acquired property by TRNO in Miami?

The acquired property consists of approximately 16,000 square feet on 0.7 acres.

What is the estimated stabilized cap rate of the new property acquired by TRNO?

The estimated stabilized cap rate of the property is 5.2%.

Where is the new property acquired by Terreno Realty located?

The property is located at 7045 NW 46th Street, Miami, Florida.

How does the acquisition affect Terreno Realty's market presence?

The acquisition expands Terreno's portfolio in Miami, strengthening its presence in a major coastal U.S. market.