Terreno Realty Corporation Acquires Building in Doral, FL for $6.8 Million
October 24 2017 - 9:15AM
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 Doral,
Florida on October 23, 2017 for a purchase price of approximately
$6.8 million.
The property consists of one industrial distribution building
containing approximately 38,000 square feet on 3.3 acres at 1480 NW
94th Avenue in Miami’s Airport West submarket. The property
provides 10 dock-high and one grade-level loading positions,
parking for 49 cars and is 100% leased to one tenant. The estimated
stabilized cap rate of the property is 5.4%.
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.
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, 2016 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.
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Terreno Realty CorporationW. Blake BairdMichael A.
Coke415-655-4580
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