SAN FRANCISCO--(BUSINESS WIRE)--Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced that it has completed the redevelopment of its property on South Main Street in Carson, California and leased 100.0% of the property.
The redeveloped property consists of a newly constructed front-load industrial distribution building containing approximately 210,000 square feet and a renovated office building of approximately 34,000 square feet. The total cost of the redeveloped property is approximately $39.2 million. The estimated stabilized cap rate of the redeveloped property is approximately 6.2%.
Terreno Realty Corporation previously announced that it executed a ten-year lease for the entire office building and a portion of the warehouse totaling approximately 180,000 square feet with a leading provider of worldwide freight forwarding services who will relocate and expand from an existing Terreno Realty Corporation facility. Further, Terreno Realty Corporation announces a lease for the remaining approximately 64,000 square feet commencing September 2016 and expiring August 2021 to an importer and distributor of down products.
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C./Baltimore.
Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.
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”, 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, 2015 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.