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 located in Washington, D.C. on May 23, 2023 for a purchase price of approximately $13.4 million.
The property consists of one newly constructed industrial distribution building containing approximately 33,000 square feet on 1.3 acres. The property is at 2266 25th Place NE, one-half mile from Terreno Realty Corporation’s V Street portfolio in northeast Washington and U.S. Route 50/New York Avenue NE, provides two dock-high and five grade-level loading positions and parking for 23 cars. The property is 100% leased and the estimated stabilized cap rate is 5.3%.
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.