Terreno Realty Corporation Announces Lease in San Jose, CA
21 June 2023 - 11:15PM
Business Wire
Completes Redevelopment
Terreno Realty Corporation (NYSE:TRNO), an
acquirer, owner and operator of industrial real estate in six major
coastal U.S. markets, announced today that it has completed the
redevelopment of Terreno Realty Corporation’s Berryessa improved
land parcel in San Jose, California and executed a lease for 6.3
acres of improved land to host a City of San Jose program to
provide unhoused individuals with supportive interim tiny-home
housing and safe RV parking. The lease will commence on June 30,
2023 and will expire August 2033. The total cost of the redeveloped
property is approximately $26.3 million and the stabilized cap rate
is approximately 4.9%.
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.
Additional information about Terreno Realty Corporation is
available on the company’s web site at
www.terreno.com.
Forward-Looking Statements
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 on assumptions made by, and information currently available to,
management. When used, the words “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,”
“result,” “should,” “will,” “seek,” “target,” “see,” “likely,”
“position,” “opportunity,” “outlook,” “potential,” “enthusiastic,”
“future” and similar expressions which 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, that are beyond our control, including risks related
to our ability to meet our estimated forecasts related to
stabilized cap rates, the impact of the COVID-19 pandemic on our
business, our tenants and the national and local economies, and
those risk factors contained in our Annual Report on Form 10-K for
the year ended December 31, 2022 and our other public filings.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary 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 use caution in 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230615595844/en/
Jaime Cannon 415-655-4580
Terreno Realty (NYSE:TRNO)
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