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 six adjacent properties in Carlstadt, New Jersey on May 10, 2017 for a purchase price of approximately $12.0 million.

The properties, totaling approximately 8.1 acres, consist of four transshipment facilities providing 32,700 square feet with 75 loading positions and two improved land parcels comprising 1.3 acres along Avenue A east of Washington Avenue (County Route 503) and less than two miles north of the Meadowlands Sports Complex and Exit 16W of the New Jersey Turnpike. The properties are 100% leased to four tenants, three of which are short term. The estimated stabilized cap rate of the property is 5.7%.

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./Baltimore.

Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.