Terreno Realty Corporation Acquires Property in Brooklyn, NY for $27.5 Million
Terreno Realty Corporation acquires industrial property in Red Hook, Brooklyn for $27.5 million
Positive
Terreno Realty Corporation acquired an industrial property in Red Hook, Brooklyn, New York for $27.5 million. The property consists of one industrial flex building with 96,000 square feet on 3.8 acres. It is 66% leased to 19 tenants and has an estimated stabilized cap rate of 6.4%.
10/12/2023 - 09:15 AM
BELLEVUE, Wash. --(BUSINESS WIRE)--
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 Red Hook , Brooklyn, New York on October 11, 2023 for a purchase price of approximately $27.5 million .
The property consists of one industrial flex building containing approximately 96,000 square feet on 3.8 acres. The property is at 185 Van Dyke Street, on the Upper New York Bay waterfront, provides two dock-high and ten grade-level loading positions and off-street parking for 26 cars. The property is 66% leased to 19 tenants and the estimated stabilized cap rate is 6.4% .
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.
Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com .
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “result,” “should,” “will,” “seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,” “potential,” “enthusiastic,” “future” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2022 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231006279206/en/
Jaime Cannon
415-655-4580
Source: Terreno Realty Corporation
What did Terreno Realty Corporation acquire?
Terreno Realty Corporation acquired an industrial property in Red Hook, Brooklyn, New York.
How much did Terreno Realty Corporation pay for the property?
Terreno Realty Corporation paid approximately $27.5 million for the property.
What is the size of the property?
The property consists of one industrial flex building with approximately 96,000 square feet on 3.8 acres.
How much of the property is leased?
The property is 66% leased to 19 tenants.
What is the estimated stabilized cap rate of the property?
The estimated stabilized cap rate of the property is 6.4%.
TRNO Rankings
#2750 Ranked by Stock Gains
TRNO Stock Data
Industry
Offices of Real Estate Agents and Brokers
Sector
Real Estate and Rental and Leasing
Tags
Finance, Real Estate Investment Trusts, Real Estate and Rental and Leasing, Offices of Real Estate Agents and Brokers
Country
MASSACHUSETTS
About TRNO
terreno realty corporation and together with its subsidiaries, the âcompanyâ) 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. all square feet, acres, occupancy and number of properties disclosed in these condensed notes to the consolidated financial statements are unaudited. as of september 30, 2020, the company owned 219 buildings aggregating approximately 13.1 million square feet, 22 improved land parcels consisting of approximately 85.0 acres and one property under redevelopment expected to contain approximately 0.2 million square feet upon completion. the company is an internally managed maryland corporation and elected to be taxed as a real estate investment trust (âreitâ) under sections 856 through 860 of the internal revenue code of 1986, as amended (the âcodeâ), commencing with its taxable year ended december 31, 2010.