Terreno Realty Corporation Acquires Portfolio in Doral, FL for $23.7 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 a portfolio of six buildings containing approximately 307,000 square feet in Doral, Florida on May 22, 2013 for a purchase price of approximately $23.7 million.
The building addresses are:
8901 NW 20th Street
2011 NW 89th Place
8940 NW 24th Terrace
8933 NW 23rd Street
1400 NW 88th Avenue
1401 NW 89th Court
The rear-load multi-tenant distribution buildings are within Miami-Dade County's Airport West submarket and are 70% leased to 15 tenants. The estimated stabilized cap rate of the portfolio is 6.7%.
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.
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 Florida
The article Terreno Realty Corporation Acquires Portfolio in Doral, FL for $23.7 Million originally appeared on Fool.com.
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