Terreno Realty Corporation Acquires Property in Washington, D.C. for $13.4 Million

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 Washington, D.C. on May 23, 2023 for a purchase price of approximately $13.4 million.

The property consists of one newly constructed industrial distribution building containing approximately 33,000 square feet on 1.3 acres. The property is at 2266 25th Place NE, one-half mile from Terreno Realty Corporation’s V Street portfolio in northeast Washington and U.S. Route 50/New York Avenue NE, provides two dock-high and five grade-level loading positions and parking for 23 cars. The property is 100% leased 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.

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