Terreno Realty Corporation Sells Property in Bound Brook, NJ for $110.4 Million

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) announced the sale of an industrial property in Bound Brook, New Jersey on May 2, 2022, for approximately $110.4 million. The 581,000 square feet property consists of 18 distribution buildings, fully leased to 29 tenants. Acquired for about $27.0 million in September 2010, this investment yielded an unleveraged internal rate of return of 15.2%. Terreno operates in key U.S. coastal markets, ensuring a strategic position in the industrial real estate sector.

Positive

• Sold property for approximately $110.4 million, marking a profit of $83.4 million since acquisition.
• Achieved an unleveraged internal rate of return of 15.2% on the investment.
• Fully leased property with 29 tenants demonstrates strong demand and operational stability.

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 Bound Brook, New Jersey on May 2, 2022 for a sale price of approximately $110.4 million.

The property consists of 18 industrial distribution buildings containing approximately 581,000 square feet on 38 acres which are 100% leased to 29 tenants. The property was purchased by Terreno Realty Corporation on September 24, 2010 for approximately $27.0 million and was 76% leased to 20 tenants at acquisition. The unleveraged internal rate of return generated by the investment was 15.2%.

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/20220426006337/en/

Terreno Realty Corporation

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What was the sale price of the Terreno Realty Corporation property in Bound Brook, New Jersey?

The property was sold for approximately $110.4 million.

When was the industrial property sold by Terreno Realty Corporation?

The property was sold on May 2, 2022.

What was the internal rate of return for the property sold by Terreno Realty Corporation?

The unleveraged internal rate of return generated by the investment was 15.2%.

How many tenants were occupying the Bound Brook property at the time of sale?

The property was 100% leased to 29 tenants.

What was the acquisition cost for the Bound Brook property by Terreno Realty Corporation?

The property was acquired for approximately $27.0 million on September 24, 2010.