Terreno Realty Corporation Sells Buildings in Maryland for $40.5 Million

SAN FRANCISCO--()--Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, sold two industrial properties located in Maryland’s Baltimore/Washington Corridor on August 10, 2017 for a sale price of approximately $40.5 million.

The properties consist of one industrial building containing approximately 99,000 square feet on approximately 12.6 acres at 8730 Bollman Place in Savage, Maryland which is 100% leased to one tenant and two industrial buildings containing approximately 349,000 square feet on approximately 17.9 acres at 6675 Amberton Drive and 6660 Santa Barbara Road (“Route 100”) in Elkridge, Maryland which are 100% leased to 11 tenants. Bollman Place was purchased by Terreno Realty Corporation June 24, 2011 for approximately $7.5 million. The estimated unleveraged internal rate of return generated by the investment was approximately 12.4%. Route 100 was purchased by Terreno Realty Corporation June 12, 2013 for approximately $16.7 million. The estimated unleveraged internal rate of return generated by the investment was approximately 15.7%.

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”, 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 and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2016 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.

Contacts

Terreno Realty Corporation
W. Blake Baird, 415-655-4580
or
Michael A. Coke, 415-655-4580

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