BELLEVUE, Wash– 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 July 14, 2021 for a purchase price of approximately $8.1 million.
The property consists of two industrial distribution buildings containing approximately 22,000 square feet on 1.6 acres. The property is at 13020 and 13030 Cerise Avenue, south of I-105 and between I-405 and I-110, provides two grade-level loading positions and parking for 64 cars. The property is 100% leased to two tenants, both of which expire by October 2025. The estimated stabilized cap rate of the property is 5.4%.
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 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.
