SOUTH BRUNSWICK, NJ-Terreno Realty Corp. has acquired an industrial property here for around $22.5 million. The company utilized cash on hand to fund the acquisition.

The property consists of one multi–tenant industrial building containing approximately 413,000 square feet. The property is currently 100% leased to one tenant. The estimated stabilized cap rate of the property is 7.7%. 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 is an acquirer, owner and operator of industrial real estate located in six major coastal US markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay, Seattle, Miami and Washington, DC/Baltimore.