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 and operating activity for the fourth quarter of 2012.
During the fourth quarter of 2012, Terreno Realty Corporation acquired four industrial properties consisting of six buildings containing approximately 427,000 square feet for an aggregate purchase price of approximately $31.8 million as follows:
- Sweitzer. One industrial building in Laurel, Maryland located within the Baltimore/Washington Corridor and adjacent to Interstate 95 and between Maryland Highways 198 and 200. This 100% leased property contains approximately 85,000 square feet and was acquired for a purchase price of approximately $7.0 million.
- 17600 West Valley Highway. One approximately 110,000 square foot industrial property in Tukwila, Washington located approximately three miles from Sea-Tac International Airport and adjacent to Interstate Highways 5 and 405 in the northern Kent Valley. This property was 100% leased to six tenants and was acquired for approximately $8.0 million including an assumed mortgage loan with a total principal amount of approximately $5.0 million with a fixed annual interest rate of 6.31% that matures in 2016.
- Brennan. One multi-tenant industrial property in San Jose, California adjacent to Montague Expressway, US 101 and Interstate 880, and approximately two miles from Mineta San Jose International Airport. The approximately 47,000 square foot property was 71% leased to two tenants and was acquired for approximately $4.2 million.
- South Main. One industrial property in Carson, California that contains approximately 186,000 square feet within three industrial buildings. This property is adjacent to CA Highway 91 and I-110 and is approximately midway between Los Angeles International Airport and the Ports of Los Angeles and Long Beach. The approximately 9.6 acre site is 100% ground leased until June 30, 2015 and was acquired for a purchase price of approximately $12.8 million.
For the full year 2012 Terreno Realty Corporation acquired 22 buildings containing approximately 1.8 million square feet for approximately $180.9 million. This compares to 2011 acquisitions of approximately $118.7 million.