Terreno Realty Corporation Acquires Property in Queens, NY for $23.0 Million

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) has acquired an industrial property in Long Island City, Queens, New York for approximately $23.0 million on March 6, 2023. The property comprises a 45,000 square-foot industrial distribution building on 1.1 acres, located at 42-11 9th Street, and features one dock-high and two grade-level loading positions, along with off-street parking for 13 vehicles. It is fully leased on a short-term basis, with an estimated stabilized cap rate of 5.2%. Terreno Realty operates in six major coastal U.S. markets, focusing on industrial real estate.

Positive

• Acquisition of a property with a stabilized cap rate of 5.2%.
• Fully leased short-term status enhances immediate revenue potential.
• Strategic location in Long Island City, beneficial for distribution.
• Expansion of property holdings in major U.S. markets.

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 Long Island City, Queens, New York on March 6, 2023 for a purchase price of approximately $23.0 million.

The property consists of one industrial distribution building containing approximately 45,000 square feet on 1.1 acres. The property is at 42-11 9th Street, immediately adjacent to the Queensboro 59th Street Bridge connecting Manhattan and Queens, provides one dock-high and two grade-level loading positions and off-street parking for 13 cars. The property is 100% leased on a short-term basis 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, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230306005596/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What is the recent acquisition made by Terreno Realty Corporation?

Terreno Realty Corporation acquired an industrial property in Long Island City, Queens, New York for approximately $23.0 million.

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

The acquired property consists of approximately 45,000 square feet and includes one dock-high and two grade-level loading positions.

When did Terreno Realty Corporation complete the acquisition?

The acquisition was completed on March 6, 2023.

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

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

How does the acquisition impact TRNO's operations?

The acquisition expands TRNO's portfolio in a strategic coastal market, potentially enhancing revenue through immediate leasing.