SAN FRANCISCO, Dec 15, 2011 (BUSINESS WIRE) –
Terreno Realty Corporation
/quotes/zigman/580648/quotes/nls/trno TRNO
+2.08%
acquired an industrial
property located in Miami Gardens, Florida on December 15, 2011 for a
purchase price of approximately $7.2 million.
The property consists of one trans-shipment industrial building and
separate maintenance facility containing approximately 58,000 square
feet on approximately 13.0 acres. The 86 door truck terminal is adjacent
to the Palmetto Expressway in northern Miami-Dade County and is 100%
leased to one tenant. The estimated stabilized cap rate of the property
is 7.3%.
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 is an acquirer, owner and operator of
industrial real estate located 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./Baltimore.
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, 2010 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.
SOURCE: Terreno Realty Corporation
Terreno Realty Corporation
W. Blake Baird, 415-655-4580
Michael A. Coke, 415-655-4580
Copyright Business Wire 2011
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Article source: http://www.marketwatch.com/story/terreno-realty-corporation-acquires-buildings-in-miami-gardens-for-72-million-2011-12-15