1. TRNO acquired a property in Tukwila, Washington for $27.1 million. 2. The property features 121,000 sq ft, 100% leased until February 2027. 3. TRNO plans to renovate the property post-tenant expiration to attract new tenants. 4. The estimated stabilized cap rate for the property is 3.9% before renovations. 5. The acquisition strengthens TRNO's presence in the industrial real estate market.
The acquisition implies growth potential, enhancing TRNO's portfolio. Historically, similar acquisitions have positively influenced stock prices.
The acquisition demonstrates TRNO's growth strategy and solidifies its market position, making it notable.
The long-term potential for renovation and leasing can consistently generate income post-2027.
Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Tukwila, Washington on December 12, 2025 for a purchase price of approximately $27.1 million.
The property consists of one industrial distribution building containing approximately 121,000 square feet on 7.1 acres. The property is at 510 Andover Park West in the northern Kent Valley, less than one mile from the intersection of I-5 and I-405, and provides 19 dock-high, two ramped and three grade-level loading positions and parking for 122 cars. The property is 100% leased to one tenant expiring February 2027. After tenant expiration Terreno Realty Corporation expects to renovate the property to allow leasing for one to four tenants. The estimated stabilized cap rate prior to such renovation and releasing is 3.9%.
Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) 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 costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle and Washington, D.C.
Additional information about Terreno Realty Corporation is available on the company's web site at www.terreno.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management's beliefs and on assumptions made by, and information currently available to, management. When used, the words "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "project," "result," "should," "will," "seek," "target," "see," "likely," "position," "opportunity," "outlook," "potential," "enthusiastic," "future" and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2024 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.
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Jaime Cannon
415-655-4580