Terreno Realty has added $364.5m (€339.3m) of industrial assets in the US to its portfolio.
The NYSE-listed industrial real estate investor said it has acquired a portfolio of properties in New York City, Northern New Jersey, San Francisco Bay Area and Los Angeles.
The portfolio of 28 buildings containing approximately 1.2m sqft is 91.6% leased to 70 tenants, Terreno Realty said, adding that the “in-place cap rate is 4.3%, the estimated stabilised cap rate is 5.0% and the estimated stabilised cap rate adjusting to today’s market rents is 5.8%”.
Terreno Realty acquires, owns and operates industrial real estate in six major coastal US markets of Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington DC.
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