Terreno Realty (TRNO) Acquires Industrial Property in California for $12.4 Million
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Terreno Realty Corporation (NYSE: TRNO) acquired an industrial property located in Torrance, California on July 20, 2011 for a purchase price of approximately $12.4 million. As part of the acquisition the Company assumed a mortgage loan with a total principal amount of approximately $6.8 million with a fixed annual interest rate of 5.5%. The mortgage loan has a maturity date of August 1, 2015.
The property consists of one industrial building containing approximately 73,000 square feet. The property is currently 100% leased to one tenant. The estimated stabilized cap rate of the property is 6.5%.
The property consists of one industrial building containing approximately 73,000 square feet. The property is currently 100% leased to one tenant. The estimated stabilized cap rate of the property is 6.5%.
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