Terreno Realty Corporation acquired an industrial property located in Bellevue, Washington on January 5, 2024 for a purchase price of approximately $6.5 million. The property consists of one industrial distribution building containing approximately 16,000 square feet on 1.8 acres. The property is at 13045 SE 32nd Street adjacent to the intersection of I-90 and I-405, provides three dock-high and two grade-level loading positions and parking for 22 cars.

The property is vacant and the estimated stabilized cap rate is 5.8%. 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.