BELLEVUE, Wash.–(BUSINESS WIRE)–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 in Hyattsville, Maryland on November 23, 2021 for a purchase price of approximately $8.0 million.
The 2.9-acre improved land parcel at 5380 Tuxedo Road is less than one mile outside Washington, D.C., adjacent to the intersection of U.S. Route 50 and the Baltimore-Washington Parkway. The property is 100% leased to two tenants, 89% on a short-term basis, 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: 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.
