Terreno Realty Corporation acquired an industrial property in Medley, Florida on July 5, 2022 for a purchase price of approximately $20.0 million. The 6.7-acre improved land parcel at 8050 NW 90th Street is adjacent to the intersection of the Palmetto Expressway and West Okeechobee Road. The property is vacant and the estimated stabilized cap rate is 5.6%.

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.