BELLEVUE, Wash.–(BUSINESS WIRE)–Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property in Hawthorne, California on August 2, 2022 for a purchase price of approximately $6.5 million.
The 1.3-acre improved land parcel at 4857 W 147th Street is adjacent to I-405 approximately four miles south of Los Angeles International Airport. The property is leased on a short-term basis through December 2022 and is expected to be redeveloped with the construction of an approximately 33,000 square foot LEED-certified industrial distribution building. The estimated stabilized cap rate of the redeveloped property is 5.0% and the total expected investment is approximately $15.8 million.
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.