Terreno Realty Corporation, an acquirer, owner, and operator of industrial real estate in six major coastal U.S. markets, paid approximately $186.0 million for an industrial property in Newark, California on March 30, 2023.
On 30.5 acres, the property consists of four industrial distribution buildings totaling approximately 603,000 square feet. The property, located at 7355-7395 Morton Avenue, is close to I-880, CA SR 84, and the Dumbarton Bridge. It has 86 dock-high and eight grade-level loading positions, as well as parking for 730 cars. The property is completely leased to four tenants, who have leases that expire between 2026 and 2032. The stabilized cap rate is estimated to be 4.6%.
Estimated stabilized cap rates are calculated by dividing total acquisition cost by annualized cash basis net operating income stabilized to market occupancy (generally 95%). Total acquisition costs include the initial purchase price, the effects of marking assumed debt to market, buyer due diligence and closing costs, estimated near-term capital expenditures, and leasing costs required for stabilization.
Terreno Realty Corporation acquires, owns, and operates industrial real estate in six major coastal markets in the United States: Los Angeles, Northern New Jersey/New York City, the San Francisco Bay Area, Seattle, Miami, and Washington, D.C.
Estimated stabilized cap rates are calculated by dividing total acquisition cost by annualized cash basis net operating income stabilized to market occupancy (generally 95%). The total cost of acquisition includes the initial p In accordance with federal securities laws, this press release contains forward-looking statements. These statements involve risks, uncertainties, and assumptions, and they do not guarantee future performance.
Actual results may differ materially from those anticipated, estimated, or projected if one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect. Except as required by law, we expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise.
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