Terreno Realty Corporation Acquires Property in Santa Ana, CA for $14.8 Million
07 September 2023 - 3:15PM
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 Santa Ana,
California on September 6, 2023 for a purchase price of
approximately $14.8 million.
The property at 1720 East Garry Avenue is immediately adjacent
to the Costa Mesa Freeway (CA 55) and less than two miles from the
intersection of CA 55 and I-405 and the John Wayne Airport in
Orange County. The 4.9-acre property contains three multi-tenant
office buildings leased on a short-term basis which will be
demolished. After redevelopment, expected to be completed in the
first quarter of 2025, the property will contain a 92,000 square
foot rear-load industrial distribution building with ten dock-high
and two grade-level loading positions and parking for 145 cars for
a total expected investment of $40.6 million. The redeveloped
property is 100% pre-leased to a provider of temperature-controlled
life sciences supply chain solutions, expected to achieve LEED
certification and the estimated stabilized cap rate is 5.1%.
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.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. We caution investors
that forward-looking statements are based on management’s beliefs
and on assumptions made by, and information currently available to,
management. When used, the words “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,”
“result,” “should,” “will,” “seek,” “target,” “see,” “likely,”
“position,” “opportunity,” “outlook,” “potential,” “enthusiastic,”
“future” and similar expressions which do not relate solely to
historical matters are intended to identify forward-looking
statements. These statements are subject to risks, uncertainties,
and assumptions and are not guarantees of future performance, which
may be affected by known and unknown risks, trends, uncertainties,
and factors that are beyond our control, including risks related to
our ability to meet our estimated forecasts related to stabilized
cap rates and those risk factors contained in our Annual Report on
Form 10-K for the year ended December 31, 2022 and our other public
filings. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those anticipated,
estimated, or projected. We expressly disclaim any responsibility
to update our forward-looking statements, whether as a result of
new information, future events, or otherwise, except as required by
law. Accordingly, investors should use caution in relying on past
forward-looking statements, which are based on results and trends
at the time they are made, to anticipate future results or
trends.
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version on businesswire.com: https://www.businesswire.com/news/home/20230814463849/en/
Jaime Cannon 415-655-4580
Terreno Realty (NYSE:TRNO)
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