Bellevue-based Terreno Realty Corporation has acquired industrial properties located in Florida and New Jersey for approximately $194.3 million.
The portfolio consists of three industrial distribution buildings containing approximately 509,000 square feet on 27.6 acres. The portfolio is approximately 36% leased to five tenants.
The acquisition completes a multi-market portfolio of approximately 1.2 million square feet for a total purchase price of $426.9 million. Terreno Realty Corporation acquired the Woodinville, Washington portion of the portfolio last month. The estimated stabilized cap rate of the multi-market portfolio is 5.0%. The Woodinville portfolio consists of nine industrial distribution buildings containing approximately 720,000 square feet on 42.8 acres. The properties are on Woodinville-Redmond Road and are approximately 91% leased to 26 tenants.
Terreno acquires, owns and operates industrial real estate in six major coastal U.S. markets, including New York City and Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle and Washington, D.C.
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