Terreno Realty Corporation Acquires Building in Laurel, MD for $7.0 Million
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 located in Laurel, Maryland on October 15, 2012 for a purchase price of approximately $7.0 million.
The property consists of one industrial building containing approximately 85,000 square feet built in 1995. The property is currently 100% leased to one tenant. The rear load distribution building is located at 14851 Sweitzer Lane in the Maryland I-95 Business Park; a Baltimore/Washington corridor park adjacent to Interstate 95 and between Maryland Highways 198 and 200. The estimated stabilized cap rate of the property is 7.6%.
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 is an acquirer, owner and operator of 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./Baltimore.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.