Terreno Realty Corporation acquired an industrial property in Newark, New Jersey on April 18, 2022 for a purchase price of approximately $17.3 million. The 9.7-acre improved land parcel at 87 Doremus Avenue is adjacent to Exit 15E of the New Jersey Turnpike and Terreno Realty Corporation's 85 Doremus Avenue property. The property is 100% leased to two tenants, one of which is on a short-term basis, and the estimated stabilized cap rate is 5.3%.

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.