Terreno Realty Corporation Acquires Property in San Leandro, CA for $34.6 Million

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) has acquired an industrial property in San Leandro, California, for approximately $34.6 million on June 1, 2022. This property includes five industrial distribution buildings totaling 104,000 square feet on 4.2 acres, fully leased to 13 tenants, with leases expiring by 2027. Its strategic location near I-880 and Oakland International Airport enhances accessibility. The estimated stabilized cap rate is 3.5%, with expected annualized cash basis net operating income based on market occupancy.

Positive

• Acquisition of a 104,000 sq. ft. industrial property valued at $34.6 million.
• Property 100% leased to 13 tenants, ensuring stable cash flow.
• Strategically located adjacent to I-880 and Oakland International Airport.

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 San Leandro, California on June 1, 2022 for a purchase price of approximately $34.6 million.

The property consists of five industrial distribution buildings containing approximately 104,000 square feet on 4.2 acres. The property is at 2953-2999 and 3041-3057 Teagarden Street, adjacent to I-880 and Oakland International Airport, provides 12 dock-high and eight grade-level loading positions and parking for 119 cars. The property is 100% leased to 13 tenants, all of which expire by 2027, and the estimated stabilized cap rate is 3.5%.

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/20220531005863/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What is the acquisition price of the San Leandro property by Terreno Realty Corporation?

Terreno Realty Corporation acquired the San Leandro property for approximately $34.6 million.

How many tenants occupy the newly acquired industrial property by TRNO?

The industrial property is fully leased to 13 tenants.

What is the estimated stabilized cap rate for the San Leandro acquisition?

The estimated stabilized cap rate for the property is 3.5%.

When do the leases for the tenants at the San Leandro property expire?

All tenant leases at the San Leandro property expire by 2027.