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Terreno Realty Corporation has acquired an industrial property in Redmond, Washington, for approximately USD 8 million as it continues to expand its industrial real estate portfolio across major coastal US markets. The property comprises a 21,000-square-foot distribution building on 1.5 acres and is located next to an existing Terreno property on Seattle’s Eastside. The vacant facility has five grade-level loading positions and parking for 56 vehicles. Terreno expects the property to have a stabilised capitalisation rate of 5.9 per cent once occupancy reaches market levels.
Terreno Realty Corporation has acquired an industrial property in Redmond, Washington, for approximately USD 8 million. The property was acquired earlier this week and is located at 9680 153rd Avenue NE on Seattle’s Eastside.
The property consists of an industrial distribution building measuring approximately 21,000 square feet and spread across 1.5 acres. It is located immediately next to Terreno Realty’s existing property at 9660 153rd Avenue NE.
The facility has five grade-level loading positions and parking for 56 cars. The property is currently vacant, with the company estimating a stabilised capitalisation rate of 5.9 per cent.
Terreno calculates its estimated stabilised capitalisation rate based on annualised cash-basis net operating income at market occupancy, generally 95 per cent, against the total acquisition cost. The total cost includes the purchase price, due diligence and closing costs, certain debt-related adjustments, as well as estimated near-term capital expenditure and leasing costs required to reach stabilised occupancy.
Terreno Realty acquires, owns and operates industrial properties across six major coastal US markets: New York City and Northern New Jersey, Los Angeles, Miami, the San Francisco Bay Area, Seattle and Washington, D.C. The company focuses on industrial properties including warehouse and distribution facilities, flex properties, transshipment facilities and improved land.
The Redmond acquisition adds to Terreno’s existing presence in the Seattle market and expands its holdings around an existing property on 153rd Avenue NE.
Source Reuters
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