Terreno Realty Corporation Completes Redevelopment in Santa Ana

Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, has completed the redevelopment of a property in Santa Ana, according to a recent press release issued by the company.

The property at 1720 East Garry Avenue is immediately adjacent to the Costa Mesa Freeway (CA 55) and less than two miles from the intersection of CA 55 and I-405 and the John Wayne Airport in Orange County. The 4.9-acre property contained three multi-tenant office buildings that were demolished. The redeveloped property contains a 92,000-square-foot rear-load industrial distribution building with ten dock-high and two grade-level loading positions and parking for 145 cars for a total investment of $41.3 million.

The redeveloped property is LEED Silver certified, 100% leased to a provider of temperature-controlled life sciences supply chain solutions, and the estimated stabilized cap rate is 5.1%.

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.

Information for this article was sourced from BusinessWire.