BELLEVUE, Wash.— 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 Redondo Beach, California on October 10, 2023 for a purchase price of approximately $45.7 million.
The property consists of one industrial transshipment building containing approximately 67,000 square feet and one industrial flex building containing approximately 45,000 square feet on 6.7 acres. The property is at 2411 Santa Fe Avenue, west of Interstate 405 between Los Angeles International Airport and the ports of Los Angeles and Long Beach, provides 23 dock-high and one grade-level loading positions and parking for 200 cars. The property is 100% leased to two tenants 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.
