Terreno Realty Corporation Acquires Property in Redmond, WA for $9.8 Million

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) has successfully acquired an industrial property in Redmond, Washington for approximately $9.8 million on April 8, 2022. This acquisition includes two distribution buildings totaling around 32,000 square feet on 2.0 acres. The property is 100% leased and features 13 grade-level loading positions, with parking for 58 vehicles. The estimated stabilized cap rate is 4.1%, indicating a solid investment. This acquisition strengthens Terreno's industrial footprint in key U.S. markets.

Positive

• Acquisition of property in Redmond enhances portfolio.
• Property is 100% leased, ensuring steady revenue.
• Estimated stabilized cap rate of 4.1% indicates strong investment 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 Redmond, Washington on April 8, 2022 for a purchase price of approximately $9.8 million.

The property consists of two industrial distribution buildings containing approximately 32,000 square feet on 2.0 acres. The property is at 14505-14515 NE 91^st Street, between I-405 and SR 520 adjacent to Terreno Realty Corporation’s property at 9045 Willows Road, provides 13 grade-level loading positions and parking for 58 cars. The property is 100% leased to one tenant and the estimated stabilized cap rate is 4.1%.

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/20220407006107/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What did Terreno Realty Corporation acquire?

Terreno Realty Corporation acquired an industrial property in Redmond, Washington.

How much did Terreno Realty Corporation pay for the Redmond property?

Terreno Realty Corporation paid approximately $9.8 million for the Redmond property.

What is the size of the newly acquired property by Terreno Realty Corporation?

The acquired property consists of two industrial distribution buildings totaling approximately 32,000 square feet.

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

The estimated stabilized cap rate for the new property is 4.1%.

When was the acquisition by Terreno Realty Corporation completed?

The acquisition was completed on April 8, 2022.