Terreno Realty Corporation Sells Property in Bayonne, NJ for $24.3 Million

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) has announced the sale of an industrial property in Bayonne, New Jersey, for approximately $24.3 million on December 27, 2022. The property, spanning around 98,000 square feet and 3.6 acres, is fully leased to a single tenant. Terreno initially acquired the property on March 31, 2014, for about $9.2 million, resulting in an unleveraged internal rate of return of 14.1%. This transaction reflects the company's strategy in the industrial real estate market across six major coastal U.S. locations.

Positive

• The sale price of $24.3 million represents a significant profit margin compared to the original purchase price of $9.2 million.
• The investment yielded an internal rate of return of 14.1%, highlighting effective asset management.

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, sold an industrial property located in Bayonne, New Jersey on December 27, 2022 for a sale price of approximately $24.3 million.

The property consists of one industrial distribution building containing approximately 98,000 square feet on 3.6 acres which is 100% leased to one tenant. The property was purchased by Terreno Realty Corporation on March 31, 2014 for approximately $9.2 million. The unleveraged internal rate of return generated by the investment was 14.1%.

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.

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Terreno Realty Corporation

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation