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 Los Angeles, California on November 1, 2022 for a purchase price of approximately $17.0 million.
The property consists of one industrial transshipment building containing approximately 26,000 square feet on 1.8 acres. The property is at 5401 West 104th Street, west of I-405 and adjacent to Los Angeles International Airport, provides 19 dock-high loading positions and parking for 66 cars. The property is 100% leased to one tenant through September 2024. The estimated stabilized cap rate of the property is 2.5%.
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.
