Terreno Realty Corp. acquires industrial property in Brooklyn for $4.5 million

New York, NY Terreno Realty Corp., an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Brooklyn, on October 12^th, for a purchase price of $4.5 million.

The property consists of one industrial distribution building containing 12,000 s/f on 0.3 acres. The property is at 190 Morgan Ave. in East Williamsburg, adjacent to Terreno Realty Corp.’s 134-154 Morgan Park, provides one grade-level loading position and parking for three cars. The property is vacant and the estimated stabilized cap rate is 4.9%.

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 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.