Terreno Realty Corporation Acquires Property in Los Angeles, CA for $4.4 Million

SAN FRANCISCO–(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 Los Angeles, California on November 5, 2020 for a purchase price of approximately $4.4 million.

The property consists of one industrial distribution building containing approximately 13,000 square feet on 0.8 acres. The property is at 2425 Porter Street, adjacent to Interstate 10 in downtown Los Angeles, provides seven dock-high loading positions and parking for 64 cars. The property is 100% leased to one tenant and the estimated stabilized cap rate is 4.5%.

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.