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Terreno Realty Corporation Announces Quarterly Investment, Operating And Capital Markets Activity

Stocks in this article: TRNO

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 third quarter of 2012.

Acquisitions

During the third quarter of 2012, Terreno Realty Corporation acquired six industrial properties consisting of nine buildings containing approximately 577,000 square feet for an aggregate purchase price of approximately $74.4 million as follows:

  • Caribbean. Three multi-tenant industrial buildings in Sunnyvale, California located within Silicon Valley’s Moffett Park submarket and 100% leased to two tenants. This property contains approximately 172,000 square feet and was acquired for a purchase price of approximately $33.7 million.
  • NW 78 th Avenue. One approximately 75,000 square foot industrial property in Doral, Florida adjacent to the west cargo area of Miami International Airport and the Palmetto Expressway. This property was acquired for a purchase price of approximately $4.2 million and is vacant.
  • Manhattan Beach. One multi-tenant industrial property in Redondo Beach, California located in the South Bay submarket and approximately one-half mile west of I-405 and four miles south of Los Angeles International Airport. This property contains approximately 103,000 square feet, was acquired for a purchase price of approximately $14.2 million and is 100% leased to one tenant.
  • Carlton Court. One multi-tenant industrial property in South San Francisco, California located east of Highway 101 and less than two miles from San Francisco International Airport and 100% leased to two tenants. This property contains approximately 24,000 square feet and was acquired for a purchase price of approximately $3.6 million.
  • Troy Hill. One multi-tenant industrial property in Elkridge, Maryland located in the Troy Hill Industrial Park, a Baltimore/Washington corridor park between Interstate 95 and US Route 1 and adjacent to Maryland Highway 100. This property is 90% leased to two tenants, contains approximately 66,000 square feet and was acquired for a purchase price of approximately $6.7 million including an assumed mortgage loan with a total principal amount of approximately $3.6 million with a fixed annual interest rate of 5.9% that matures on August 1, 2014.
  • NW 26 th Street. Two industrial buildings in Miami, Florida located approximately one mile from the west cargo area of Miami International Airport and 100% leased to one tenant. This property contains approximately 138,000 square feet and was acquired for a purchase price of approximately $12.1 million including an assumed mortgage loan with a total principal amount of approximately $6.2 million with a fixed annual interest rate of 5.8% that matures on March 1, 2014.

Operations

As of September 30, 2012, Terreno Realty Corporation owned a total of 63 buildings aggregating approximately 4.8 million square feet, which were approximately 92.6% leased to 97 tenants.

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