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, acquired an industrial property located in Fairfield, New Jersey on December 20, 2017 for a purchase price of approximately $7.2 million.

The property consists of one industrial distribution building containing approximately 51,000 square feet on approximately 5.6 acres adjacent to Interstate 80 and U.S. Route 46. The property is at 40 New Dutch Lane, provides five dock-high and six grade-level loading positions, parking for 71 cars and is 100% leased to one tenant. The estimated stabilized cap rate of the property is 5.4%.

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: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.

Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.