Terreno Realty Corporation Acquires Portfolio In New York City, Northern New Jersey, San Francisco And Los Angeles For ~$365M

Terreno Realty Corporation(NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired a portfolio of industrial properties located in New York City, Northern New Jersey, San Francisco Bay Area, and Los Angeles on May 2, 2024 for a purchase price of approximately $364.5 million.

The portfolio of 28 buildings containing approximately 1.2 million square feet is 91.6% leased to 70 tenants. The in-place cap rate is 4.3%, the estimated stabilized cap rate is 5.0% and the estimated stabilized cap rate adjusting to today's market rents is 5.8%.

Goldman Sachs & Co. LLC acted as financial advisor to Terreno Realty Corporation on the acquisition.

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.