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Terreno Realty Acquires Industrial Property in Brooklyn, NY for USD 4.5m
Friday 15 October 2021

Washington, US-based industrial real estate company Terreno Realty Corp. (NYSE: TRNO) has acquired a 12,000-SF industrial property located in Brooklyn, New York for approximately USD 4.5m, the company said.

The property consists of one industrial distribution building located on 0.3 acres. The property is vacant and the estimated stabilised cap rate is 4.9%.

Estimated stabilised cap rates are calculated as annualised cash basis net operating income stabilised 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 stabilisation.

Terreno Realty Corp. acquires, owns and operates industrial real estate in six major coastal US markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, DC.
Date Published: 15/10/2021