Terreno Realty Corporation Acquires Property in Orange, CA for $9.3 Million

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) acquired an industrial property in Orange, California, on July 30, 2021, for approximately $9.3 million. The property includes two industrial distribution buildings totaling about 34,000 square feet on 2.5 acres, providing nine grade-level loading positions and parking for 77 cars. It is fully leased to a single tenant, with an estimated stabilized cap rate of 3.6%. The acquisition aligns with Terreno's strategy of enhancing its portfolio across major U.S. coastal markets.

Positive

• Acquisition of an industrial property for approximately $9.3 million enhances portfolio.
• Property is 100% leased, providing stable income.
• Estimated stabilized cap rate of 3.6% indicates potential for solid returns.

Negative

• None.

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 Orange, California on July 30, 2021 for a purchase price of approximately $9.3 million.

The property consists of two industrial distribution buildings containing approximately 34,000 square feet on 2.5 acres. The property is at 1150 and 1250 West Trenton Avenue, adjacent to the Orange Freeway and Platinum Triangle, provides one dock-high and nine grade-level loading positions and parking for 77 cars. The property is 100% leased to one tenant. The estimated stabilized cap rate of the property is 3.6%.

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, 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/20210802005101/en/

FAQ

What property did Terreno Realty acquire on July 30, 2021?

Terreno Realty acquired an industrial property in Orange, California, consisting of two distribution buildings.

What was the purchase price for the Orange property acquired by TRNO?

The purchase price for the Orange property was approximately $9.3 million.

What is the size of the industrial property acquired by Terreno Realty?

The acquired property totals about 34,000 square feet on 2.5 acres.

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

The estimated stabilized cap rate for the property is 3.6%.

How many vehicles can the Orange property accommodate?

The property provides parking for 77 cars.