Terreno Realty acquires industrial properties in Florida, New Jersey for $194.3M

Terreno Realty (TRNO) acquired industrial properties located in Doral, Florida and Kearny, New Jersey on September 9 for a purchase price of approximately $194.3M. The portfolio consists of three industrial distribution buildings containing approximately 509,000 square feet on 27.6 acres. The portfolio is approximately 36% leased to five tenants. The acquisition completes a multi-market portfolio of approximately 1.2M square feet for a total purchase price of $426.9M. Terreno Realty Corporation acquired the Woodinville, Washington portion of the portfolio in August. The estimated stabilized cap rate of the multi-market portfolio is 5%.