TERRENO REALTY CORPORATION Terreno Realty Corporation acquired two industrial properties in Los Angeles and Inglewood, California on May 25, 2022 for a purchase price of approximately $27.2 million. The properties consist of: One industrial distribution building at 332 Hindry Avenue in Inglewood containing approximately 19,000 square feet on 0.9 acres with 12 dock-high and one grade-level loading positions and parking for 26 cars. The property is 70% leased to one tenant and the estimated stabilized cap rate is 2.4%; and one industrial distribution building at 8320-8400 Isis Avenue in Los Angeles containing approximately 40,000 square feet on 2.1 acres with ten dock-high and six grade-level loading positions and parking for 59 cars.
The property is 100% leased to four tenants and the estimated stabilized cap rate is 3.2%. The properties are west of I-405 adjacent to Los Angeles International Airport. 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.
