SAN FRANCISCO, May 31, 2012 (BUSINESS WIRE) –
Terreno Realty Corporation
acquired an industrial
property located in Commerce, California on May 30, 2012 for a purchase
price of approximately $52.4 million.
The property consists of five multi-tenant industrial buildings
containing approximately 545,000 square feet. The rail served property
is currently 79% leased to 14 tenants. Garfield Business Center is at
3300-3430 Garfield Avenue in the Mid-Counties submarket with direct
access to the I-5, I-710 and I-605 expressways via Bandini Boulevard.
The estimated stabilized cap rate of the property is 6.0%.
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
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, 2011 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 2012
Add to portfolio