Terreno Realty Corporation Announces Completion of Redevelopment in Doral, Florida
BELLEVUE, Wash.–(BUSINESS WIRE)–Terreno Real Estate Company (NYSE: TRNO), a acquirer, owner and operator of industrial real estate in six major U.S. coastal markets, announced that it has completed the redevelopment of its America’s Gateway Building 5 property in Doral, Florida, and has rented 100% of the property.
The redeveloped property, originally slated to stabilize in the fourth quarter of 2022, consists of a newly renovated 52,000 square foot rear-loading industrial distribution building on approximately 2.4 acres in Miami County’s Airport West submarket. Dad. The total cost of the redeveloped property is approximately $7.5 million. The building is 100% let to four tenants whose leases expire in 2027 and the stabilized capitalization rate of the redeveloped building is approximately 6.6%.
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major US coastal markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C.
Additional information about Terreno Realty Corporation is available on the Company’s website at www.terreno.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and assumptions made by management and information currently available to it. When used, the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “could”, “plan”, “project” , “outcome”, “should”, “will”, “seek”, “target”, “see”, “probable”, “position”, “opportunity”, “prospects”, “potential”, “enthusiastic”, “ future” and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties and factors beyond our control, including risks related to our ability to meet our estimated expectations related to stabilized capitalization rates, the impact of the COVID-19 pandemic on our business, our tenants and the national and local economies, and the risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2021 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results could differ materially from those anticipated, estimated or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, investors should exercise caution when relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.