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BELLEVUE, Wash. ~ On October 11, 2023, Terreno Realty Corporation acquired an industrial property located in Red Hook, Brooklyn, New York for a purchase price of approximately $27.5 million. The property consists of one industrial flex building containing approximately 96,000 square feet on 3.8 acres. It is located at 185 Van Dyke Street on the Upper New York Bay waterfront and provides two dock-high and ten grade-level loading positions as well as off-street parking for 26 cars.
The property is 66% leased to 19 tenants and the estimated stabilized cap rate is 6.4%. This rate is calculated by annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost which 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.
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Terreno Realty Corporation specializes in acquiring, owning and operating 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.. More information about the company can be found on their website at www.terreno.com
The property is 66% leased to 19 tenants and the estimated stabilized cap rate is 6.4%. This rate is calculated by annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost which 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.
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Terreno Realty Corporation specializes in acquiring, owning and operating 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.. More information about the company can be found on their website at www.terreno.com
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