Terreno Realty Corporation acquired an industrial property located in Alexandria, Virginia on April 15, 2024 for a purchase price of approximately $84.3 million. The property consists of four industrial distribution buildings containing approximately 357,000 square feet on 19.1 acres. The property is at 6584-6674 Fleet Drive approximately two miles from the intersection of I-95/395 and I-495 (Capital Beltway), provides 67 dock-high and 38 grade-level loading positions and parking for 580 cars.

The property is 100% leased to 21 tenants, with all leases expiring by 2031, and the estimated stabilized cap rate is 5.3%. 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.