- Contracts to Purchase Adjacent Buildings for $37.2 Million
SAN FRANCISCO--(BUSINESS WIRE)--
Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and
operator of industrial real estate in six major coastal U.S. markets,
acquired an industrial property located in Union City, California on
December 10, 2014 for a purchase price of approximately $23.8 million.
The property consists of one industrial distribution building containing
approximately 133,000 square feet and two flex buildings containing
approximately 37,000 square feet on 10.0 acres in the East Bay of San
Francisco adjacent to Interstate 880 between California Highways 92 and
84. The property is at 33306-33580 Alvarado-Niles Road, provides 24
dock-high and 24 grade-level loading positions, parking for 243 cars,
and is 98% leased to 25 tenants. The estimated stabilized cap rate of
the property is 5.7%.
Further Terreno Realty Corporation has agreed to purchase four adjacent
rear-load distribution buildings containing approximately 301,000 square
feet that are currently under construction for a purchase price of
approximately $37.2 million. This future acquisition is expected to
close in the second quarter of 2015, subject to satisfactory completion
of the buildings and customary closing conditions.
Estimated stabilized cap rates are calculated as annualized cash basis
net operating income stabilized to market occupancy (generally 95%)
divided by total acquisition cost. Total acquisition cost includes the
initial purchase price, the effects of marking assumed debt to market,
buyer’s due diligence and closing costs, estimated near-term capital
expenditures and leasing costs necessary to achieve stabilization.
Terreno Realty Corporation is an acquirer, owner and operator of
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./Baltimore.
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”,
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 and those risk factors
contained in our Annual Report on Form 10-K for the year ended December
31, 2013 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.
Terreno Realty Corporation
W. Blake Baird, 415-655-4580
Michael
A. Coke, 415-655-4580
Source: Terreno Realty Corporation