Terreno Realty Corporation
(NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today its quarterly investment, operating and capital markets activity for the second quarter of 2012.
During the second quarter of 2012, Terreno Realty Corporation acquired two industrial properties consisting of six buildings containing approximately 707,000 square feet for an aggregate purchase price of approximately $68.5 million as follows:
- Garfield. Five industrial buildings in Commerce, California located in the Mid-Counties submarket with direct access to the I-5, I-710 and I-605 expressways and 79% leased to 14 tenants. This property contains approximately 545,000 square feet and was acquired for a purchase price of approximately $52.4 million.
- Whittier. One industrial property in Whittier, California located on Whittier Boulevard in the Mid-Counties submarket with access to the I-605 and I-5 expressways and 100% leased to one tenant. This property contains approximately 162,000 square feet and was acquired for a purchase price of approximately $16.1 million.
Further, on July 3, 2012, Terreno Realty Corporation acquired two R&D buildings and one distribution building (Caribbean) in Sunnyvale, California for a purchase price of approximately $33.7 million, aggregating approximately 172,000 square feet and 100% leased to two tenants. The buildings are within Silicon Valley’s Moffett Park submarket and are adjacent to Highways 237 and 101.
As of June 30, 2012, Terreno Realty Corporation owned a total of 54 buildings aggregating approximately 4.2 million square feet, which were approximately 91.3% leased to 85 tenants. The leased percentage decreased from 92.9% at March 31, 2012 and increased from 71.6% at June 30, 2011.
During the second quarter of 2012, Terreno Realty Corporation:
- Closed a $39.8 million non-recourse mortgage loan at a fixed annual interest rate of 3.65% that matures on March 5, 2020.
- Expanded its $80.0 million senior revolving credit agreement to $100.0 million by exercising its accordion option.
Additional information is available on the company’s website at
. Terreno Realty Corporation expects to file its quarterly report on Form 10-Q for the quarter ended June 30, 2012 on or about August 8, 2012.
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.