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 Bellevue, Washington on November 6, 2020 for a purchase price of approximately $11.7 million.
The property consists of one industrial flex building containing approximately 39,000 square feet on 2.1 acres. The property is at 13150 SE 32nd Street, adjacent to the intersection of I-90 and I-405, provides one dock-high loading position and parking for 80 cars. The property is 100% leased to one tenant. The estimated stabilized cap rate of the property is 4.9%.
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 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.
