Terreno Realty Corporation acquired an industrial property in Anaheim, California on May 24, 2022 for a purchase price of approximately $15.0 million. The 2.1-acre improved land parcel at 1160 Fee Ana Street is adjacent to CA SR 91 (The Riverside Freeway). The property is vacant and the estimated stabilized cap rate is 4.7%.

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.