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 in Kearny, New Jersey on March 29, 2019 for a purchase price of approximately $14.1 million.

The property is adjacent to Exit 15E of the New Jersey Turnpike, U.S. Routes 1 and 9 and the Pulaski Skyway. 48 3rd Street is an approximately 28,000 square foot transshipment building on approximately 4.6 improved acres and 286 Central Avenue is a 2.9-acre improved land parcel. The property is 100% leased to three tenants and the estimated stabilized cap rate is 5.4%.

The property was acquired as partial repayment of the $55 million senior secured loan that Terreno Realty Corporation made in 2018, reducing the outstanding loan balance to approximately $16 million.

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.