Terreno Realty Corporation Acquires Property in Newark, CA for $186.0 Million
March 31 2023 - 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 Newark,
California on March 30, 2023 for a purchase price of approximately
$186.0 million.
The property consists of four industrial distribution buildings
containing approximately 603,000 square feet on 30.5 acres. The
property is at 7355-7395 Morton Avenue, adjacent to I-880, CA SR 84
and the Dumbarton Bridge, provides 86 dock-high and eight
grade-level loading positions and parking for 730 cars. The
property is 100% leased to four tenants with leases expiring
between 2026 and 2032. The estimated stabilized cap rate is
4.6%.
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, 2022 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/20230327005565/en/
Jaime Cannon 415-655-4580
Terreno Realty (NYSE:TRNO)
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