Terreno Realty Corporation Sells Property in Somerset, NJ for $25.0 Million

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) sold an industrial property in Somerset, New Jersey, on November 17, 2022, for $25 million. The property spans approximately 86,000 square feet on 6.9 acres and is fully leased to a single tenant. Terreno acquired the property on September 1, 2016, for about $9.1 million, achieving an impressive unleveraged internal rate of return of 20.7% on this investment. The company operates across major coastal U.S. markets, including Los Angeles and New York City.

Positive

• Sold industrial property for $25 million, generating a 20.7% unleveraged internal rate of return.
• The property was purchased for $9.1 million in 2016, demonstrating substantial value appreciation.

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 Somerset, New Jersey on November 17, 2022 for a sale price of approximately $25.0 million.

The property consists of one industrial distribution building containing approximately 86,000 square feet on 6.9 acres which is 100% leased to one tenant. The property was purchased by Terreno Realty Corporation on September 1, 2016 for approximately $9.1 million. The unleveraged internal rate of return generated by the investment was 20.7%.

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/20221114005898/en/

Terreno Realty Corporation

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What property did Terreno Realty Corporation sell?

Terreno Realty Corporation sold an industrial property in Somerset, New Jersey.

When was the property sold?

The property was sold on November 17, 2022.

What was the sale price of the industrial property?

The sale price of the industrial property was approximately $25 million.

What was the original purchase price of the property?

Terreno Realty Corporation purchased the property for approximately $9.1 million on September 1, 2016.

What is the internal rate of return from the property sale?

The unleveraged internal rate of return generated by the investment was 20.7%.