Benzinga | Sep 28, 2021 09:15AM EDT

Terreno Realty Corporation Acquires Property in Kearny, NJ For $26.3M

Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property in Kearny, New Jersey on September 27, 2021 for a purchase price of approximately $26.3 million.

The 5.4-acre improved land parcel at 97 Third Street is adjacent to Exit 15E of the New Jersey Turnpike. The property is 51% leased to two tenants and the estimated stabilized cap rate is 3.1%.

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.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C.

Additional information about Terreno Realty Corporation is available on the company's web site at www.terreno.com.