Terreno Realty Corporation has acquired an industrial property located in the Red Hook neighborhood of Brooklyn 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. The property is at 185 Van Dyke Street, on the Upper New York Bay waterfront, provides two dock-high and ten grade-level loading positions and off-street parking for 26 cars. The property is 66% leased to 19 tenants and the estimated stabilized cap rate is 6.4%.
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.
