Terreno Realty Corporation Acquires Buildings in Santa Fe Springs, CA for $14.9 Million
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 Santa Fe Springs, California on July 6, 2017 for a purchase price of
approximately $14.9 million.
The property consists of two rear-load industrial distribution buildings containing approximately 87,000 square feet on 5.3
acres. The property is at 12803 Telegraph Road and 12828 Romandel Avenue, east of the intersection of I-5 and I-605, provides 17
dock-high and ten grade-level loading positions, parking for 150 cars and is 100% leased to eight tenants. The estimated stabilized
cap rate of the property is 4.7%.
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./Baltimore.
Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors
that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available
to, management. When used, the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “project”,
“result”, “should”, “will”, and similar expressions which do not relate solely to historical matters are intended to identify
forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future
performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control,
including risks related to our ability to meet our estimated forecasts related to stabilized cap rates and those risk factors
contained in our Annual Report on Form 10-K for the year ended December 31, 2016 and our other public filings. Should one or more
of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially
from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements,
whether as a result of new information, future events, or otherwise.
Terreno Realty Corporation
W. Blake Baird, 415-655-4580
Michael A. Coke, 415-655-4580
View source version on businesswire.com: http://www.businesswire.com/news/home/20170707005109/en/