Washington, D.C

Terreno Realty Corporation Acquires Property in Washington, D.C. for $7.6 Million

Published

5 months ago

August 5, 2024

Terreno Realty Corporation Acquires Property in Washington, D.C. for .6 Million

BELLEVUE, Wash., August 05, 2024–(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 Washington, D.C. on August 1, 2024 for a purchase price of approximately $7.6 million.

The property consists of one industrial distribution building containing approximately 26,000 square feet on 0.7 acres. The property is at 3000 V Street NE, immediately adjacent to and between two existing Terreno Realty Corporation buildings on V Street, provides four dock-high and one grade-level loading positions and parking for 16 cars. The property is vacant and the estimated stabilized cap rate is 5.6%.

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: Northern New Jersey/New York City, Los Angeles, Miami, San Francisco Bay Area, Seattle 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, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240726058441/en/

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Jaime Cannon
415-655-4580

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Washington, D.C

Delta to Begin New Nonstop Flights From Seattle To Washington D.C. in March – Travel And Tour World

Published

2 hours ago

December 20, 2024

Press Room

Delta to Begin New Nonstop Flights From Seattle To Washington D.C. in March – Travel And Tour World

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Washington, D.C

D.C. mayor, Leonsis break ground on new arena

Published

9 hours ago

December 19, 2024

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D.C. mayor, Leonsis break ground on new arena

Dec 19, 2024, 06:51 PM ET

WASHINGTON, D.C. — Capitals and Wizards owner Ted Leonsis, NBA commissioner Adam Silver, District of Columbia Mayor Muriel Bowser and other officials celebrated the start of an $800 million downtown arena renovation with a ceremonial sledgehammer swinging Thursday inside what will be a new atrium entryway.

The event unveiling renderings for what Capital One Arena should look like when it is fully transformed in time for the 2027-28 NHL and NBA seasons took place as questions swirled nearby on Capitol Hill about the city’s hopes of luring the NFL’s Commanders. A provision to transfer the land including RFK Stadium to the district was removed from Congress’ slimmed-down, short-term spending bill hours later, sending that team back to the drawing board.

In the Chinatown neighborhood, there were handshakes and smiles, as work to retain the Capitals and Wizards had also been ongoing for some time.

Keeping the teams was a significant victory for Bowser. They agreed last spring to remain in the city as part of a $515 million, publicly funded project, after a planned move across the Potomac River to Virginia proposed roughly a year ago fell apart in that state’s legislature.

“I’ve got to say, what a difference a year makes,” Ward 2 council member Brooke Pinto said. “Ted Leonsis, thank you so much for believing in this city. … Thank you for your dedication to our city.”

Leonsis called it a landmark day for the district and his company. His Monumental Sports and Entertainment will pay for the rest of the project, which area leaders hope will serve as a central hub of the nation’s capital between its many neighborhoods.

“When you see those signs, ‘Please excuse our dust,’ there’s going to be a lot of dust here,” Leonsis said. “This project is massive. It’ll probably take three seasons to do it, and it’s $800 million. It is a significant, significant program. But after you see what we’re going to do for the players, the fans and the city, it’ll be worth the wait.”

The work, which will take place in several stages from now through fall 2027, includes more than doubling the size of locker rooms while also adding suites and other amenities. The building initially opened in December 1997.

“This is nearly a billion-dollar investment for [players’] benefit and for the community’s benefit,” Silver said, alluding to future All-Star Games and other events that will take place. “The NBA and NHL will have less than half the dates at the end of the day because what’s happened now with these entertainment palaces — they are full, it seems, practically every night of the year.”

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Washington, D.C

This DC Restaurant Has One Of America's Best Dishes, NY Times Says

Published

18 hours ago

December 19, 2024

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This DC Restaurant Has One Of America's Best Dishes, NY Times Says

The Times gave a nod to the bò lá lốt served at Moon Rabbit by Kevin Tien, a Michelin Guide eatery located in the heart of D.C. According to its website, the restaurant serves an exclusive 4-course prix-fixe menu featuring seasonally-inspired, modern Vietnamese dishes.

“Chef and co-owner Kevin Tien serves (the bò lá lốt) with a dipping sauce of labneh crowned with lemongrass-chile crunch, a nod to his love for dolmas,” Brett Anderson writes for the Times. “A similar swirl of influences animates all of the food at Moon Rabbit.”

Anderson continues, “But this dish of juicy grilled beef wrapped in perilla leaves is one of the only items you can plan to find on the always-evolving menu.”

Other dishes on the Times’ list include the ham sandwich at Mike’s Famous Ham Place in Detroit and the foieberry at Lazy Betty in Atlanta.

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