|Terreno Realty Corporation Acquires Building in Redondo Beach, CA for $14.2 Million|
|Friday, 10 August 2012 14:16|
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 located in Redondo Beach, California on July 31, 2012 for a purchase price of approximately $14.2 million.
The property consists of one multi-tenant industrial building containing approximately 103,000 square feet. The property is 100% leased to one tenant. Located in the South Bay submarket at 2475-2477 Manhattan Beach Boulevard, the front load distribution building is approximately one-half mile west of I-405 and four miles south of Los Angeles International Airport. The estimated stabilized cap rate of the property is 6.0%.
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 is an acquirer, owner and operator of 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./Baltimore.