Terreno Realty Corporation TRNO, an acquirer, owner and operator of
industrial real estate in six major coastal U.S. markets, announced today its
quarterly investment and operating activity for the fourth quarter of 2012.
Acquisitions
During the fourth quarter of 2012, Terreno Realty Corporation acquired four
industrial properties consisting of six buildings containing approximately
427,000 square feet for an aggregate purchase price of approximately $31.8
million as follows:
* Sweitzer. One industrial building in Laurel, Maryland located within the
Baltimore/Washington Corridor and adjacent to Interstate 95 and between
Maryland Highways 198 and 200. This 100% leased property contains
approximately 85,000 square feet and was acquired for a purchase price of
approximately $7.0 million.
* 17600 West Valley Highway. One approximately 110,000 square foot
industrial property in Tukwila, Washington located approximately three
miles from Sea-Tac International Airport and adjacent to Interstate
Highways 5 and 405 in the northern Kent Valley. This property was 100%
leased to six tenants and was acquired for approximately $8.0 million
including an assumed mortgage loan with a total principal amount of
approximately $5.0 million with a fixed annual interest rate of 6.31% that
matures in 2016.
* Brennan. One multi-tenant industrial property in San Jose, California
adjacent to Montague Expressway, US 101 and Interstate 880, and
approximately two miles from Mineta San Jose International Airport. The
approximately 47,000 square foot property was 71% leased to two tenants
and was acquired for approximately $4.2 million.
* South Main. One industrial property in Carson, California that contains
approximately 186,000 square feet within three industrial buildings. This
property is adjacent to CA Highway 91 and I-110 and is approximately
midway between Los Angeles International Airport and the Ports of Los
Angeles and Long Beach. The approximately 9.6 acre site is 100% ground
leased until June 30, 2015 and was acquired for a purchase price of
approximately $12.8 million.
For the full year 2012 Terreno Realty Corporation acquired 22 buildings
containing approximately 1.8 million square feet for approximately $180.9
million. This compares to 2011 acquisitions of approximately $118.7 million.
Disposition
During the fourth quarter of 2012, Terreno Realty Corporation sold one
trans-shipment property located in San Bernardino, California for a sale price
of approximately $17.0 million. This property was acquired by Terreno Realty
Corporation for approximately $12.1 million in September 2010.
Operations
As of December 31, 2012, Terreno Realty Corporation owned a total of 67
buildings aggregating approximately 5.1 million square feet, which were
approximately 93.3% leased to 112 tenants. The leased percentage increased
from 92.6% at September 30, 2012 and 92.5% at December 31, 2011. In addition,
the Company extended a lease previously expiring on March 31, 2013 of
approximately 413,000 square feet with the existing tenant at its Interstate
130 property for one year. This reduced by approximately 48% the 2013
anticipated lease expirations as of September 30, 2012.
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