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 Carlstadt, New Jersey on January 19, 2021 for a purchase price of approximately $10.6 million.

The property consists of one industrial transshipment building containing approximately 16,000 square feet on 4.3 acres. The property is at 256 Paterson Plank Road, adjacent to Exit 16W of the New Jersey Turnpike and the Meadowlands Sports Complex, provides 33 dock-high and one grade-level loading positions and parking for 38 cars. The property is vacant and the estimated stabilized cap rate is 5.2%.

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.