Terreno Realty Corporation Acquires Property in Renton, WA for $7.6 Million
Terreno Realty Corporation (NYSE:TRNO) has acquired a 3.4-acre industrial property in Renton, Washington for approximately $7.6 million on June 14, 2021. This property, located at 500 SW 16th Street, is fully leased to a single tenant and boasts an estimated stabilized cap rate of 1.5%. Terreno Realty specializes in industrial real estate across six major coastal U.S. markets, including Los Angeles and Seattle.
- Acquisition of a fully leased industrial property enhances portfolio stability.
- Strategically located property adjacent to major highways may facilitate operational efficiencies.
- Estimated stabilized cap rate of 1.5% may indicate lower potential returns.
- Acquisition cost includes additional expenditures which could pressure short-term profitability.
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 Renton, Washington on June 14, 2021 for a purchase price of approximately
The 3.4-acre improved land parcel at 500 SW 16th Street is immediately adjacent to I-405 between State Route 167 (Valley Freeway) and State Route 181 (West Valley Highway). The property is
Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally
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.
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FAQ
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