Terreno Realty Corp. acquires property in Newark, Calif., for $186m

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 Newark, Calif., for $186 million.

The property consists of four industrial distribution buildings containing about 603,000 square feet on 30.5 acres. The property is at 7355-7395 Morton Ave., adjacent to Interstate 880, State Route 84 and the Dumbarton Bridge. It provides 86 dock-high and eight grade-level loading positions and parking for 730 cars. The property is 100 percent leased to four tenants with leases expiring between 2026 and 2032. The estimated stabilized cap rate is 4.6 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 diligence and closing cost