(EDITOR’S NOTE: According to industry reports, Terreno Realty purchased the asset in August 2022 for $6.5 million.)
-New development 100% leased at building completion
BELLEVUE, Wash. — Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today that it has completed the redevelopment and stabilization of Terreno 147th Street in Hawthorne, California effective November 15, 2024. Terreno 147th Street, [located at 4857 W. 147th St.], formerly an improved land parcel, is a 31,000 square foot industrial distribution building on 1.3 acres with four dock-high and one grade-level loading positions and parking for 35 cars, including four electric car charging positions. The property is 100% leased to an atomic energy company commencing with building completion and ending April 2028. The building is expected to achieve LEED certification, the total expected investment is $15.6 million and the estimated stabilized cap rate is 5.6%.
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: Northern New Jersey/New York City; Los Angeles; Miami; San Francisco Bay Area; Seattle and Washington, D.C.
Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.
Source: Terreno Realty Corporation
