Benzinga | Oct 21, 2021 12:12PM EDT

Terreno Realty Corporation Acquires Property In Elizabeth, New Jersey For $44M

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 Elizabeth, New Jersey on October 20, 2021 for a purchase price of approximately $44.0 million.

The property consists of one industrial transshipment building containing approximately 31,000 square feet on 6.0 acres. The property is at 228 North Avenue, adjacent to Exit 13A of the New Jersey Turnpike, Port Newark and Newark Liberty International Airport, provides 52 dock-high and two grade-level loading positions and parking for 33 cars and 153 trailers. The property is 100% leased to one tenant on a short-term basis. The estimated stabilized cap rate of the property after releasing is 4.8%.

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.