Terreno Realty expands with Brooklyn industrial property buy
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BELLEVUE, Wash. – Terreno Realty Corporation (NYSE:TRNO) has expanded its portfolio with the acquisition of an industrial property in East Williamsburg, Brooklyn, New York. The transaction, which took place on March 22, 2024, involved a purchase price of approximately $12.0 million.
The newly acquired property is located at 181 Lombardy Street, adjacent to the Brooklyn-Queens Expressway, and encompasses one industrial distribution building of about 24,000 square feet on 0.7 acres of land. It features one dock-high and one grade-level loading position, along with parking space for 10 cars. Currently vacant, the property is expected to reach a stabilized capitalization rate, or cap rate, of 5.7%.
Cap rates are a measure of the expected yield on an investment property, calculated by dividing the net operating income by the property’s purchase price. The estimated stabilized cap rate for this property reflects its anticipated performance once it reaches a market occupancy rate of approximately 95%.
Terreno Realty Corporation is known for its focus on industrial real estate within major coastal U.S. markets, including Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.
This information is based on a press release statement from Terreno Realty Corporation. As with all forward-looking statements, they are subject to various risks and uncertainties, and the actual results may differ from those projected. The company advises caution in relying on forward-looking statements, which were valid at the time they were made.
