Terreno Realty Corporation Acquires Building in South San Francisco, CA for $8.4 Million
Terreno Realty Corporation Acquires Building in South San Francisco, CA for $8.4 Million
SAN FRANCISCO--(BUSINESS WIRE)-- Terreno Realty Corporation (NYS: TRNO) , an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in South San Francisco, California on April 3, 2013 for a purchase price of approximately $8.4 million.
The property consists of one industrial distribution building containing approximately 85,000 square feet on 3.3 acres. The building will be substantially renovated by removing approximately 17,000 square feet of building and adding 10 dock high loading positions and trailer storage creating a 68,000 square foot rear load distribution facility. The property is at 240 Littlefield Avenue, is vacant and is Terreno Realty Corporation's fifth building in the South San Francisco submarket, immediately north of San Francisco International Airport and adjacent to Highway 101. The estimated stabilized cap rate of the property 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 is an acquirer, owner and operator of 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./Baltimore.
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", 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, 2012 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.
Terreno Realty Corporation
W. Blake Baird, 415-655-4580
Michael A. Coke, 415-655-4580
KEYWORDS: United States North America California
INDUSTRY KEYWORDS:
The article Terreno Realty Corporation Acquires Building in South San Francisco, CA for $8.4 Million originally appeared on Fool.com.
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