{"id":460751,"date":"2021-03-18T09:18:27","date_gmt":"2021-03-18T13:18:27","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=460751"},"modified":"2021-03-18T09:18:27","modified_gmt":"2021-03-18T13:18:27","slug":"terreno-realty-corporation-acquires-property-in-hialeah-fl-for-48-1-million","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/terreno-realty-corporation-acquires-property-in-hialeah-fl-for-48-1-million\/","title":{"rendered":"Terreno Realty Corporation Acquires Property in Hialeah, FL for $48.1 Million"},"content":{"rendered":"

<\/p>\n

\nTerreno Realty Corporation Acquires Property in Hialeah, FL for $48.1 Million\n<\/p>\n

BELLEVUE, Wash.–(BUSINESS WIRE<\/a>)–Terreno Realty Corporation<\/b> (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property in Hialeah, Florida on March 17, 2021 for a purchase price of approximately $48.1 million, net of free-rent credits.\n<\/p>\n

\nThe property consists of two recently developed rear-load 32-foot clear industrial distribution buildings containing approximately 274,000 square feet on 15.9 acres. The property is at 4021-4071 West 108th<\/sup> Street, adjacent to Florida\u2019s Turnpike and the southern terminus of I-75, provides 92 dock-high and four grade-level loading positions, parking for 287 cars and is expected to obtain LEED certification. The property is 100% pre-leased to five tenants with leases commencing between March 1 and July 1, 2021 and the estimated stabilized cap rate is 3.7%.\n<\/p>\n

\nEstimated 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\u2019s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.\n<\/p>\n

\nTerreno Realty Corporation 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.\n<\/p>\n

\nAdditional information about Terreno Realty Corporation is available on the company\u2019s web site at www.terreno.com<\/a>.\n<\/p>\n

\nForward-Looking Statements\n<\/p>\n

\nThis press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management\u2019s beliefs and on assumptions made by, and information currently available to, management. When used, the words \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cplan,\u201d \u201cproject,\u201d \u201cresult,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cseek,\u201d \u201ctarget,\u201d \u201csee,\u201d \u201clikely,\u201d \u201cposition,\u201d \u201copportunity,\u201d \u201coutlook,\u201d \u201cpotential,\u201d \u201centhusiastic,\u201d \u201cfuture\u201d and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates, the impact of the COVID-19 pandemic on our business, our tenants and the national and local economies, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2020 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210318005053\/en\/<\/a><\/span><\/p>\n

\nJaime Cannon
\n
415-655-4580\n<\/p>\n

KEYWORDS:<\/b> Washington California Florida United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Other Construction & Property Commercial Building & Real Estate Construction & Property REIT<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
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Terreno Realty Corporation Acquires Property in Hialeah, FL for $48.1 Million BELLEVUE, Wash.–(BUSINESS WIRE)–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 in Hialeah, Florida on March 17, 2021 for a purchase price of approximately $48.1 million, net of free-rent credits. The property consists of two recently developed rear-load 32-foot clear industrial distribution buildings containing approximately 274,000 square feet on 15.9 acres. The property is at 4021-4071 West 108th Street, adjacent to Florida\u2019s Turnpike and the southern terminus of I-75, provides 92 dock-high and four grade-level loading positions, parking for 287 cars and is expected to obtain LEED certification. The property is 100% pre-leased to five … <\/p>\n

Continue reading “Terreno Realty Corporation Acquires Property in Hialeah, FL for $48.1 Million”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-460751","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nTerreno Realty Corporation Acquires Property in Hialeah, FL for $48.1 Million - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/terreno-realty-corporation-acquires-property-in-hialeah-fl-for-48-1-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Terreno Realty Corporation Acquires Property in Hialeah, FL for $48.1 Million - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Terreno Realty Corporation Acquires Property in Hialeah, FL for $48.1 Million BELLEVUE, Wash.–(BUSINESS WIRE)–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 in Hialeah, Florida on March 17, 2021 for a purchase price of approximately $48.1 million, net of free-rent credits. The property consists of two recently developed rear-load 32-foot clear industrial distribution buildings containing approximately 274,000 square feet on 15.9 acres. The property is at 4021-4071 West 108th Street, adjacent to Florida\u2019s Turnpike and the southern terminus of I-75, provides 92 dock-high and four grade-level loading positions, parking for 287 cars and is expected to obtain LEED certification. 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