Terreno Realty Corporation Acquires Property in Inglewood, CA for $10.0 Million

SAN FRANCISCO–(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 Inglewood, CA on October 26, 2020 for a purchase price of approximately $10.0 million.

The 1.9-acre improved land parcel at 8831 Aviation Boulevard is west of I-405 and adjacent to Los Angeles International Airport. The property will be vacant pursuant to a termination agreement executed between the existing tenant and Terreno Realty Corporation and the estimated stabilized cap rate is 5.7%.

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.

Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.