Terreno Realty Corporation Acquires Property in Alexandria, VA for $84.3 Million
April 16 2024 - 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
Alexandria, Virginia on April 15, 2024 for a purchase price of
approximately $84.3 million.
The property consists of four industrial distribution buildings
containing approximately 357,000 square feet on 19.1 acres. The
property is at 6584-6674 Fleet Drive approximately two miles from
the intersection of I-95/395 and I-495 (Capital Beltway), provides
67 dock-high and 38 grade-level loading positions and parking for
580 cars. The property is 100% leased to 21 tenants, with all
leases expiring by 2031, and the estimated stabilized cap rate is
5.3%.
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, and those risk factors contained in our Annual Report on
Form 10-K for the year ended December 31, 2023 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/20240405598520/en/
Jaime Cannon 415-655-4580
Terreno Realty (NYSE:TRNO)
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