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 Kent, Washington on July 2,
2015 for a purchase price of approximately $12.3 million, including the
assumption of a mortgage loan with a principal balance of approximately
$4.8 million. The loan bears interest at approximately 5.7% and matures
March 11, 2016.
The property consists of four industrial distribution buildings
containing approximately 138,000 square feet on approximately 7.6 acres
in the Kent Valley. The property is at 22402-22446 72nd Avenue South,
provides 50 dock-high and 18 grade-level loading positions, parking for
166 cars and is 94% leased to 13 tenants. The estimated stabilized cap
rate of the property is 6.2%.
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, 2014 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150706005129/en/
Terreno Realty Corporation
W. Blake Baird, 415-655-4580
Michael
A. Coke, 415-655-4580
Source: Terreno Realty Corporation