SAN FRANCISCO, Jul 26, 2013 (BUSINESS WIRE) — Terreno Realty Corporation TRNO -0.16% , an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Newark, New Jersey on July 25, 2013 for a purchase price of approximately $15.0 million.
The property consists of one trans-shipment industrial building containing approximately 52,000 square feet on 9.4 acres adjacent to the intersection of the New Jersey Turnpike, Interstate 78 and Routes 1 and 9. The property is at 550 Delancy Street in Newark, is within 2 miles of Newark Liberty International Airport and the Port of Newark and is 100% leased to the market leader in North American less-than-truckload freight services. The property provides 101 dock high loading positions and trailer storage. The estimated stabilized cap rate of the property is 5.6%.
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.
Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.