Terreno Realty Corporation Announces Quarterly Operating, Investment and Capital Markets Activity - Seite 2

During the second quarter of 2023, Terreno Realty Corporation acquired one property consisting of one building containing approximately 33,000 square feet for a purchase price of approximately $13.4 million. The second quarter investment activity was as follows:

• 2266 25th Place NE: One newly constructed industrial distribution building containing approximately 33,000 square feet on 1.3 acres located in Washington, D.C., one-half mile from Terreno Realty Corporation’s V Street portfolio in northeast Washington and U.S. Route 50/New York Avenue NE. The property provides two dock-high and five grade-level loading positions and parking for 23 cars. The property was acquired 100% leased for a purchase price of approximately $13.4 million and an estimated stabilized cap rate of 5.3%.

Year-to-date, Terreno Realty Corporation acquired four properties consisting of six buildings containing approximately 681,000 square feet and a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings for an aggregate purchase price of approximately $396.1 million.

During the second quarter of 2023, Terreno Realty Corporation sold one 100%-leased property in North Bergen, New Jersey containing approximately 127,000 square feet for a sale price of approximately $25.5 million generating an unleveraged internal rate of return of approximately 14.4%. The property was acquired by Terreno Realty Corporation in April 2017 for approximately $14.0 million.

As of June 30, 2023, Terreno Realty Corporation had seven properties under development or redevelopment that, upon completion, will consist of 6 buildings aggregating approximately 1.1 million square feet and one 2.8-acre improved land parcel, with a total expected investment of approximately $295.4 million, excluding land for future development. During the second quarter of 2023, Terreno Realty Corporation commenced construction of buildings 39 and 40 of Terreno Realty Corporation’s Countyline Corporate Park in Miami, two rear-load industrial distribution buildings containing in aggregate 364,000 square feet which are 14% pre-leased and expected to be stabilized in the fourth quarter of 2024. The estimated stabilized cap rate is 6.0%. Additionally, during the second quarter of 2023, Terreno Realty Corporation commenced redevelopment of 14805 S. Maple Avenue, a 2.8-acre improved land parcel in Los Angeles expected to be stabilized in the third quarter of 2024 with an estimated stabilized cap rate of 5.5%.