Terreno Realty Corp., an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Landover, Md., on June 16 for a purchase price of approximately $77.1 million.
The property consists of three industrial distribution buildings containing approximately 305,000 square feet on 24 acres. The property is at 3100–3300 Hubbard Road, adjacent to U.S. Route 50, approximately three miles outside Washington, D.C., and provides 49 dock-high and nine grade-level loading positions and parking for 417 cars. The property is 92 percent leased to nine tenants. The estimated stabilized cap rate is 5.5 percent.
Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95 percent) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due dilig
