Terreno Realty Corporation Acquires Property in Torrance, CA for $6.3 Million

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) has acquired an industrial property in Torrance, California, for approximately $6.3 million as of May 12, 2021. The property features a 17,000 square foot distribution building on 0.9 acres, currently 100% leased on a short-term basis. It offers one dock-high and four grade-level loading positions, with parking for 34 cars. The estimated stabilized cap rate for this acquisition is 4.7%. This strategic move enhances Terreno's portfolio in key coastal U.S. markets.

Positive

• Acquisition of a property in Torrance for $6.3 million enhances portfolio.
• Estimated stabilized cap rate of 4.7% indicates strong investment potential.
• Property is 100% leased, providing immediate cash flow.

Negative

• 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 located in Torrance, California on May 12, 2021 for a purchase price of approximately $6.3 million.

The property consists of one industrial distribution building containing approximately 17,000 square feet on 0.9 acres. The property is at 20405 Gramercy Place, west of I-405 between Los Angeles International Airport and the ports of LA and Long Beach, provides one dock-high and four grade-level loading positions and parking for 34 cars. The property is 100% leased to one tenant on a short-term basis and the estimated stabilized cap rate is 4.7%.

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, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210513005203/en/

FAQ

What was the purpose of Terreno Realty's acquisition of the Torrance property?

The acquisition aims to enhance Terreno Realty's industrial real estate portfolio in key coastal U.S. markets.

When did Terreno Realty acquire the Torrance property?

Terreno Realty acquired the Torrance property on May 12, 2021.

What is the estimated cap rate for the Torrance property?

The estimated stabilized cap rate for the Torrance property is 4.7%.

How large is the Torrance industrial property acquired by Terreno Realty?

The Torrance property consists of approximately 17,000 square feet on 0.9 acres.

Is the Torrance property leased, and if so, how?

Yes, the property is 100% leased to one tenant on a short-term basis.