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Terreno Realty Corporation (NYSE:TRNO) has successfully acquired an industrial property in Newark, California, for approximately $186.0 million on March 30, 2023. The facility includes four industrial distribution buildings totaling about 603,000 square feet on 30.5 acres, featuring 86 dock-high and eight grade-level loading positions. Currently, the property is fully leased to four tenants, with lease expirations scheduled between 2026 and 2032. The acquisition is expected to achieve an estimated stabilized cap rate of 4.6%, reinforcing Terreno's presence in key U.S. coastal markets.
Positive
Acquisition of a fully leased industrial property, enhancing portfolio stability.
Strategic location near major transportation routes, improving distribution efficiency.
Estimated stabilized cap rate of 4.6%, indicating strong return potential.
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 Newark, California on March 30, 2023 for a purchase price of approximately $186.0 million.
The property consists of four industrial distribution buildings containing approximately 603,000 square feet on 30.5 acres. The property is at 7355-7395 Morton Avenue, adjacent to I-880, CA SR 84 and the Dumbarton Bridge, provides 86 dock-high and eight grade-level loading positions and parking for 730 cars. The property is 100% leased to four tenants with leases expiring between 2026 and 2032. The estimated stabilized cap rate is 4.6%.
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, 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.
What did Terreno Realty Corporation acquire on March 30, 2023?
Terreno Realty Corporation acquired an industrial property in Newark, California for approximately $186.0 million.
What are the features of the newly acquired property by TRNO?
The property includes four industrial distribution buildings totaling about 603,000 square feet on 30.5 acres with 86 dock-high and eight grade-level loading positions.
What is the estimated cap rate for the Newark property acquisition?
The estimated stabilized cap rate for the acquired property is 4.6%.
How many tenants occupy the property acquired by Terreno Realty Corporation?
The property is currently 100% leased to four tenants with leases expiring between 2026 and 2032.
