Terreno Realty Corporation acquired an industrial property located in Redmond, Washington on April 8, 2022 for a purchase price of approximately $9.8 million. The property consists of two industrial distribution buildings containing approximately 32,000 square feet on 2.0 acres. The property is at 14505-14515 NE 91st Street, between I-405 and SR 520 adjacent to Terreno Realty Corporation's property at 9045 Willows Road, provides 13 grade-level loading positions and parking for 58 cars.

The property is 100% leased to one tenant and the estimated stabilized cap rate is 4.1%. 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.