Terreno Realty Corporation Sells Property in Seattle for $10.3 Million

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) has successfully sold an industrial property in Seattle, Washington for approximately $10.3 million on September 9, 2021. The asset, encompassing 35,000 square feet on 1.1 acres, was 100% leased to three tenants at the time of sale. Initially acquired for about $5.9 million in April 2017, this transaction yielded an unleveraged internal rate of return of 11.0%. Terreno Realty continues to operate in six major U.S. coastal markets.

Positive

• Property sold for approximately $10.3 million, exceeding purchase price of $5.9 million.
• Generated an 11.0% unleveraged internal rate of return on the investment.

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 Seattle, Washington on September 9, 2021 for a sale price of approximately $10.3 million.

The property consists of one industrial distribution building containing approximately 35,000 square feet on 1.1 acres at 25-29 South Hanford Street which is 100% leased to three tenants. The property was purchased by Terreno Realty Corporation on April 21, 2017 for approximately $5.9 million. The unleveraged internal rate of return generated by the investment was 11.0%.

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.

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Terreno Realty Corporation

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation