Terreno Realty Corporation Acquires Properties in Los Angeles and Inglewood, CA for $27.2 Million
May 26 2022 - 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 two industrial properties in Los Angeles and
Inglewood, California on May 25, 2022 for a purchase price of
approximately $27.2 million.
The properties consist of:
- One industrial distribution building at 332 Hindry Avenue in
Inglewood containing approximately 19,000 square feet on 0.9 acres
with 12 dock-high and one grade-level loading positions and parking
for 26 cars. The property is 70% leased to one tenant and the
estimated stabilized cap rate is 2.4%; and
- One industrial distribution building at 8320-8400 Isis Avenue
in Los Angeles containing approximately 40,000 square feet on 2.1
acres with ten dock-high and six grade-level loading positions and
parking for 59 cars. The property is 100% leased to four tenants
and the estimated stabilized cap rate is 3.2%.
The properties are west of I-405 adjacent to Los Angeles
International Airport.
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,” “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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220525005861/en/
Jaime Cannon 415-655-4580
Terreno Realty (NYSE:TRNO)
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