Terreno Realty, a REIT that focuses on industrial real estate in six major coastal markets, acquired a portfolio of industrial properties located in New York City, Northern New Jersey, San Francisco Bay Area, and Los Angeles for $364.5 million.
The portfolio of 28 buildings containing approximately 1.2 million square feet is 91.6% leased to 70 tenants. The in-place cap rate is 4.3%, the estimated stabilized cap rate is 5.0% and the estimated stabilized cap rate adjusting to today's market rents is 5.8%.
Goldman Sachs acted as financial advisor to the REIT on the acquisition.
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