Benzinga | Oct 1, 2021 09:19AM EDT

Terreno Realty Acquires Property In Hawthorne, Calif. For $7.9M

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 Hawthorne, California on September 30, 2021 for a purchase price of approximately $7.9 million.

The property consists of one industrial distribution building containing approximately 21,000 square feet on 1.5 acres. The property is at 13025 Cerise Avenue, adjacent to Terreno Realty Corporation's 13020 and 13030 Cerise Avenue buildings, south of I-105 and between I-405 and I-110, provides 13 dock-high and two grade-level loading positions and parking for 54 cars. The property is 100% leased to one tenant until May 2024. The estimated stabilized cap rate of the property is 2.9%.

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.