Terreno Realty Corporation Announces Completion of Redevelopment in Doral, FL

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) has finalized the redevelopment of its America’s Gateway Building 5 in Doral, Florida, leasing 100% of the property. The redevelopment, costing approximately $7.5 million, features a renovated 52,000 square foot industrial building on 2.4 acres. The property, leased to four tenants with leases expiring in 2027, boasts a stabilized cap rate of 6.6%. This development strengthens TRNO's portfolio in major coastal U.S. markets.

Positive

• 100% lease occupancy of the redeveloped property.
• Total redevelopment cost of approximately $7.5 million indicates efficient capital investment.
• Stabilized cap rate of approximately 6.6%, indicating solid investment return potential.

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, announced that it has completed the redevelopment of its America’s Gateway Building 5 property in Doral, Florida and leased 100% of the property.

The redeveloped property, originally scheduled to be stabilized in the fourth quarter of 2022, consists of a newly renovated 52,000 square foot rear-load industrial distribution building on approximately 2.4 acres within Miami-Dade County’s Airport West submarket. The total cost of the redeveloped property is approximately $7.5 million. The property is 100% leased to four tenants with leases expiring in 2027 and the stabilized cap rate of the redeveloped property is approximately 6.6%.

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/20220216006278/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What is the latest development from Terreno Realty Corporation (TRNO)?

Terreno Realty Corporation has completed the redevelopment of its America’s Gateway Building 5 in Doral, Florida, leasing 100% of the property.

What is the cost of the redevelopment project by Terreno Realty (TRNO)?

The total cost of the redevelopment of America’s Gateway Building 5 is approximately $7.5 million.

What is the stabilized cap rate of the newly redeveloped property by TRNO?

The stabilized cap rate of the redeveloped property is approximately 6.6%.

How many tenants occupy the redeveloped America’s Gateway Building 5 by TRNO?

The redeveloped property is 100% leased to four tenants.