- 4930 3 rd Avenue. One industrial building totaling approximately 35,000 square feet in Seattle, Washington adjacent to Seattle's Port and SoDo district. This property provides four dock-high and one grade level loading positions and was 100% leased to one tenant at acquisition. The purchase price was approximately $6.5 million with an estimated stabilized cap rate of 6.3%;
- 221 Michele. One industrial building totaling approximately 30,000 square feet in South San Francisco, California immediately north of San Francisco International Airport and adjacent to U.S. Highway 101. This property provides eight grade level loading positions and was 100% leased to one tenant on a short-term basis at acquisition. The purchase price was approximately $5.3 million with an estimated stabilized cap rate of 5.9%;
- 12950 SW South River. One industrial building totaling approximately 60,000 square feet in Medley, Florida adjacent to North Okeechobee Road and the Florida Turnpike. The property provides 10 dock-high and one grade level loading positions and was 100% leased to one tenant on a short-term basis at acquisition. The purchase price was approximately $6.0 million with an estimated stabilized cap rate of 5.6%; and
- 901 North. One improved land parcel consisting of approximately 4.5 acres of paved land in Elizabeth, New Jersey adjacent to Newark Liberty International Airport, Exit 13A of the New Jersey Turnpike and U.S. Routes 1 and 9. This property was 100% leased to one tenant at acquisition. The purchase price was approximately $9.3 million with an estimated stabilized cap rate of 5.9%.
DispositionsDuring the first quarter of 2016, Terreno Realty Corporation sold two industrial properties for an aggregate sale price of approximately $16.4 million. Capital from such sales is recycled into properties that Terreno Realty Corporation expects to provide better prospective returns or is returned to shareholders. The first quarter disposition activity was as follows:
- Fortune Qume. One flex/R&D industrial building in San Jose, California containing approximately 72,000 square feet sold for approximately $8.2 million. This property was acquired in March 2010 for approximately $5.6 million and the estimated unleveraged internal rate of return generated by the investment was approximately 11.3%; and
- Global Plaza. One industrial building in Sterling, Virginia containing approximately 69,000 square feet sold for approximately $8.2 million. This property was acquired in March 2012 for approximately $6.1 million and the estimated unleveraged internal rate of return generated by the investment was approximately 13.2%.
- The total portfolio was 90.7% leased to 349 tenants as compared to 91.5% at December 31, 2015 and 92.0% at March 31, 2015;
- The same store portfolio of approximately 8.7 million square feet was 92.2% leased at March 31, 2016 as compared to 92.7% at December 31, 2015 and 92.4% at March 31, 2015;
- Cash rents on new and renewed leases totaling approximately 0.3 million square feet commencing during the three months ended March 31, 2016 increased approximately 5.9%; and
- Signed and commenced 190,000 square foot lease on April 5, 2016.
Additional information is available on the company's website at www.terreno.com. Terreno Realty Corporation expects to file its quarterly report on Form 10-Q for the year period ended March 31, 2016 on or about May 4, 2016.Terreno 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./Baltimore. Forward-Looking Statements This 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's beliefs and on assumptions made by, and information currently available to, management. When used, the words "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "project," "result," "should," "will," 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 and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2015 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.