SAN FRANCISCO--(BUSINESS WIRE)--Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in North Bergen, New Jersey on November 1, 2016 for a purchase price of approximately $4.8 million.

The property consists of one transshipment industrial building containing approximately 25,000 square feet on 3.6 acres approximately three miles from Exit 16E of the New Jersey Turnpike and the Lincoln Tunnel. The property is at 2240 74thStreet, provides 37 dock-high loading positions, parking for 37 cars and is vacant. The estimated stabilized cap rate of the property is 5.7%.

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 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./Baltimore.

Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.