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 San Francisco on June 4, for approximately $25.9 million.
The property consists of one industrial distribution building containing approximately 65,000 square feet on 3.8 acres. The property is at 201-395 Mendell St., in San Francisco’s India Basin neighborhood, and provides 17 dock-high and 10 grade-level loading positions and parking for 95 cars. The building is 100 percent leased to four tenants, all of which expire by May 2031. The estimated stabilized cap rate is 5.5 percent.
Estimated stabilized cap rates are calculated as the annualized cash-basis net operating income, stabilized to market occupancy (generally 95 percent), divided by the 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 cos
