From a press release:

Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, on Oct. 3 acquired an industrial distribution building containing approximately 113,000 square feet on 5.1 acres in Renton for a purchase price of approximately $10.0 million.

The property is at 3401 Lind Ave. S.W. in the northern Kent Valley submarket, immediately adjacent to Terreno Realty Corporation’s 701 SW 34th Street property, approximately five miles from Sea-Tac International Airport, and is 100 percent leased to two tenants.

The building provides 11 dock-high and four grade-level loading positions. The estimated stabilized cap rate of the property is 5.5 percent.

Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95 percent) 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 is an acquirer, owner and operator of industrial real estate located 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.