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

During the third quarter of 2023, Terreno Realty Corporation acquired one 4.9-acre property which will be redeveloped for a purchase price of approximately $14.8 million. The third quarter investment activity was as follows:

• 1720 East Garry Avenue: 4.9-acre property in Santa Ana, California, immediately adjacent to the Costa Mesa Freeway (CA 55) and less than two miles from the intersection of CA 55 and I-405 and the John Wayne Airport in Orange County. The property was acquired for a purchase price of approximately $14.8 million and contained three multi-tenant office buildings leased on a short-term basis which will be demolished. After redevelopment, expected to be completed in the first quarter of 2025, the property will contain a 92,000 square foot rear-load industrial distribution building with ten dock-high and two grade-level loading positions and parking for 145 cars for a total expected investment of $40.6 million. The redeveloped property is 100% pre-leased to a provider of temperature-controlled life sciences supply chain solutions, expected to achieve LEED certification and the estimated stabilized cap rate is 5.1%.

Year-to-date, Terreno Realty Corporation acquired five properties consisting of six buildings containing approximately 681,000 square feet, 4.9 acres which will be redeveloped with the construction of an approximately 92,000 square foot industrial distribution building, and a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings for an aggregate purchase price of approximately $410.8 million.

Subsequent to September 30, 2023, Terreno Realty Corporation sold one 100%-leased property in Hanover, Maryland for a sale price of approximately $18.0 million. The 13.4-acre improved land parcel was purchased by Terreno Realty Corporation on July 12, 2016 for approximately $8.2 million. The unleveraged internal rate of return generated by the investment was 17.5%. Year-to-date, Terreno Realty Corporation sold two properties consisting of one building containing approximately 127,000 square feet and one approximately 13.4-acre improved land parcel for an aggregate sale price of $43.4 million generating an unleveraged internal rate of return of approximately 15.8%.