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 in Anaheim, California on September 6, 2022 for a purchase price of approximately $7.3 million.
The 1.2-acre improved land parcel at 3091 East Coronado Street is adjacent to the intersection of CA SR 91 (The Riverside Freeway) and CA SR 57 (The Orange Freeway). The property was acquired vacant. Further, Terreno Realty Corporation has executed a lease for the property commencing immediately and ending December 2027 with a Southern California investment group facilitating commissary services, resulting in an estimated stabilized cap rate of 5.0%.
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 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.