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Headlines
- Terreno Realty Corporation acquired a $7.6 million industrial property in Washington, D.C.
- The 26,000 square foot property is strategically located between existing company buildings.
- The site includes loading positions, parking, and a projected 5.6% stabilized cap rate.
On August 1, 2024, Terreno Realty Corporation, a company specializing in industrial real estate across six major coastal U.S. markets, acquired an industrial property in Washington, D.C. for approximately $7.6 million. The newly acquired property is situated at 3000 V Street NE and consists of an industrial distribution building covering roughly 26,000 square feet on 0.7 acres.
This strategic location is positioned between two existing Terreno Realty Corporation buildings, enhancing the company's footprint in the area. The facility includes four dock-high and one grade-level loading positions, along with parking space for 16 vehicles. Currently vacant, the property has an estimated stabilized cap rate of 5.6%. This rate is calculated based on annualized cash basis net operating income, assuming market occupancy, which is generally around 95%. The total acquisition cost comprises the initial purchase price, adjustments for marking assumed debt to market, buyer's due diligence, closing costs, and estimated near-term capital expenditures and leasing costs necessary to reach stabilization. The acquisition may impact Terreno Realty Corporation's real estate stocks, potentially influencing investor perceptions and market valuation..
Terreno Realty Corporation's portfolio spans key coastal markets including Northern New Jersey/New York City, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C.
Forward-Looking Statements:
This press release includes forward-looking statements under federal securities laws. These statements reflect management’s current beliefs and assumptions and are based on information available at the time. Terminology such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "should," and similar terms are used to identify these forward-looking statements. These statements are subject to risks, uncertainties, and assumptions, which may cause actual results to differ significantly from those expressed or implied.
Factors influencing these risks include the ability to meet estimated forecasts related to stabilized cap rates, among others detailed in the company's Annual Report on Form 10-K for the year ended December 31, 2023, and other public filings. The company disclaims any obligation to update these forward-looking statements except as required by law. Therefore, caution is advised when relying on past forward-looking statements to predict future outcomes.
