Terreno Realty Corporation Acquires Property in San Jose, CA for $8.0 Million
Terreno Realty Corporation (NYSE:TRNO) has successfully acquired an industrial property located in San Jose, California, for approximately $8.0 million on April 21, 2021. The 2.2-acre site at 560 East Gish Road is fully leased and offers a projected stabilized cap rate of 4.8%. This acquisition significantly enhances Terreno's portfolio, which spans six major coastal U.S. markets including Los Angeles and Miami. The strategic location, adjacent to key transport routes and the San Jose International Airport, is expected to contribute positively to future earnings.
- Acquisition of a fully leased industrial property enhances Terreno's portfolio.
- Strategic location in San Jose, adjacent to major transport routes and airport.
- Projected stabilized cap rate of 4.8% indicates potential for solid returns.
- 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 in San Jose, California on April 21, 2021 for a purchase price of approximately
The 2.2-acre improved land parcel at 560 East Gish Road is adjacent to the intersection of I-880 and US 101 and Norman Y. Mineta San Jose International Airport. 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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