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 Carlstadt, New Jersey on August 7, 2019 for a purchase price of approximately $4.0 million.

The 2.0-acre improved land parcel at 51 Kero Road is adjacent to Terreno Realty Corporation’s properties at 50 and 100 Kero Road, less than two miles north of the Meadowlands Sports Complex and Exit 16W of the New Jersey Turnpike. The property is 100% leased to one tenant and the estimated stabilized cap rate is 5.0%.

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.