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 18, 2021 for a purchase price of approximately $7.7 million.
The property consists of two industrial distribution buildings containing approximately 17,000 square feet on 0.4 acres. The property is at 768 and 772 Ceres Avenue in Downtown Los Angeles (DTLA), provides two grade-level loading positions and parking for 22 cars. The property is 100% leased to two tenants expiring in February 2023 and July 2024. The estimated stabilized cap rate of the property is 3.4%.
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.
