Terreno Realty acquired a portfolio of industrial properties located in New York City, Northern New Jersey, San Francisco Bay Area, and Los Angeles for a purchase price of approximately $364.5M. The portfolio of 28 buildings containing approximately 1.2M square feet is 91.6% leased to 70 tenants. The in-place cap rate is 4.3%, the estimated stabilized cap rate is 5.0% and the estimated stabilized cap rate adjusting to today’s market rents is 5.8%.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TRNO:
- Terreno Realty Announces Chief Accounting Officer Transition
- Terreno Realty reports March-end portfolio occupancy 96.2% vs. 98.3% last year
- Terreno Realty price target raised to $62 from $52 at Mizuho
- Terreno Realty acquires industrial property in Washington for $11M
- Terreno Realty initiated with an Overweight at Barclays