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Terreno Realty Corporation has acquired an industrial property in Woodinville, Washington for approximately $33.5 million on December 23, 2021. The site consists of two buildings spanning 118,000 square feet on 9.6 acres, featuring 27 dock-high and eight grade-level loading positions. The property is fully leased to four tenants, with an estimated stabilized cap rate of 3.7%. This acquisition strengthens Terreno's portfolio in six major U.S. coastal markets.
Positive
Acquisition of industrial property enhances portfolio.
Property is fully leased to four tenants, providing stable income.
Estimated stabilized cap rate of 3.7% indicates potential profitability.
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 Woodinville, Washington on December 23, 2021 for a purchase price of approximately $33.5 million.
The property consists of two industrial distribution buildings containing approximately 118,000 square feet on 9.6 acres. The property is at 16650-16750 Woodinville Redmond Road, immediately adjacent to Terreno Realty Corporation’s property at 16224-16240 Woodinville Redmond Road, southeast of the intersection of I-405 and SR 522, provides 27 dock-high and eight grade-level loading positions and parking for 291 cars. The property is 100% leased to four tenants and the estimated stabilized cap rate is 3.7%.
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.
