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 first quarter of 2014.
During the first quarter of 2014, Terreno Realty Corporation acquired three industrial properties consisting of three buildings containing approximately 319,000 square feet for an aggregate purchase price of approximately $33.8 million. The first quarter acquisition activity was as follows:
- SW 34 th. One industrial building totaling approximately 62,000 square feet in Renton, Washington located in the northern Kent Valley submarket, approximately five miles from Sea-Tac International Airport. This building was 100% leased to one tenant at acquisition and was acquired for a purchase price of approximately $6.6 million, including the assumption of a mortgage loan with a total principal amount of approximately $2.8 million with a fixed annual interest rate of 5.09% and a maturity date of August 2015;
- Parkway. One cross-dock industrial building totaling approximately 159,000 square feet in Hanover, Maryland. This property is located in the central Baltimore/Washington corridor adjacent to the Baltimore-Washington Parkway and Route 100, and approximately three miles from the Baltimore/Washington International Airport. This building was 100% leased at acquisition to two tenants and was acquired for a purchase price of approximately $18.0 million; and
- Pulaski. One industrial building totaling approximately 98,000 square feet in Bayonne, New Jersey that was acquired for a purchase price of approximately $9.2 million and was 100% leased to two tenants at acquisition. This building is adjacent to Exit 14A of the New Jersey Turnpike, approximately five miles from the Ports of Elizabeth and Newark, Newark International Airport and the Holland Tunnel.
Terreno Realty Corporation currently has approximately $21.5 million of acquisitions under contract and $26.5 million under letter of intent. There is no assurance that Terreno Realty Corporation will acquire the properties under contract or letter of intent because the proposed acquisitions are subject to the completion of satisfactory due diligence, closing conditions and, in the case of letters of intent, contracts.