Terreno Realty Buys Industrial Property In Seattle For $4.7 Million

Terreno Realty Corporation

, revealed that it acquired an industrial property located in Seattle, Washington for a purchase price of about $4.7 million. According to the company, the property consisted of one industrial distribution building containing about 25,000 square feet on approximately 1.5 acres adjacent to Seattle's Port and SoDo district. Terreno Realty said that the property was at 5300 Denver Avenue South, provided seven dock-high and one grade level loading positions, parking for 38 cars and was 100% leased to one tenant. The company added that its estimated stabilized cap rate of the property was 5.5%. The company said that "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." On Monday, the stock traded 1.47% higher.