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

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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.

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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

A Virginia boater is suing a DC utility for the Potomac River sewage spill

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A Virginia boater is suing a DC utility for the Potomac River sewage spill


A Virginia boater is suing a Washington water utility for negligence in the collapse of a pipe that leaked millions of gallons of raw sewage into the Potomac River.

The class action lawsuit filed Friday in U.S. District Court in Greenbelt, Maryland, comes weeks after a January sewage pipe collapse, shooting wastewater out of the ground and into the river in an area just north of Washington, D.C. The spill is seen as a serious environmental blight and became the focus of political bickering between President Donald Trump and Democratic-led Maryland, where the leak occurred.

Dr. Nicholas Lailas, M.D., the plaintiff, is a Virginia resident and recreational boat user on the Potomac who is seeking compensation for people “whose property interests in and use and enjoyment of the Potomac River … have been impaired by Defendant’s conduct.”

The lawsuit alleges that it was DC Water’s responsibility as the owner and operator of the ruptured pipe, known as the Potomac Interceptor, to maintain it in a “reasonably safe condition and to prevent foreseeable harm to persons and property.”

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The lawsuit said that preliminary data indicate that there are thousands of people who own property or vessels in the affected parts of the Potomac.

Andrew Levetown, an attorney for the plaintiff, said in an interview Monday that it will take time to get the full breadth of the class, with business owners, property owners and recreational users all having interest in the potential damages caused by the Jan. 19 collapse and leak.

“You’re going to have businesses who lose business because instead of sitting next to the Potomac, their clients are sitting next to the open sewer,” he said.

The suit did not specify a damage amount. DC Water spokesperson John Lisle said in a statement that the collapse of the Potomac Interceptor was “a serious and unexpected event, and our teams remain focused on the response, environmental protection, and restoration efforts. Because this matter is currently subject to ongoing litigation, it would not be appropriate for us to comment further at this time.”

D.C. Mayor Muriel Bowser declared an emergency Feb. 18 and requested that President Donald Trump provide federal resources to help the city fight the leak that dumped 250 million gallons of raw sewage into the Potomac River in its early stages. The president approved the emergency assistance days later to help the city address the emergency.

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DC Water gave its most detailed assessment yet of why the Potomac River sewage spill occurred and what it will take to fix it. News4’s Mark Segraves reports.

DC Water said it knew the pipe, first installed in the 1960s, was deteriorating, and rehabilitation work on a section about a quarter-mile (400 meters) from the break began in September and was recently completed. The pipe that ruptured was scheduled for repair this summer.

DC Water’s updates say the emergency repairs are beyond the halfway point and there are no flows into the river.

At a public briefing last week, officials with the utility said they were assessing the cause of the rupture, including whether the way the pipeline was initially constructed contributed to the emergency. David Gadis, the CEO of DC Water, said at that briefing that while it was too early to say definitively, “we are seeing indication that this incident may have been highly unusual.”



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Route for Freedom 250 Grand Prix in DC debuted at the National Mall

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Route for Freedom 250 Grand Prix in DC debuted at the National Mall


WASHINGTON — Get ready to start your engines, DC.

Officials unveiled the 1.66-mile circuit route Monday, where race cars will be zooming around the National Mall in August for the Freedom 250 Grand Prix in celebration of America’s birthday.

The seven‑turn layout features views of the Washington Monument, US Capitol, the Smithsonian National Air and Space Museum, and part of Pennsylvania Avenue, IndyCar announced.

IndyCar will be hosting the first-ever race of its kind around the National Mall. CQ-Roll Call, Inc via Getty Images

“This was a team effort,” Transportation Secretary Sean Duffy said. “It’s Penske, it’s FOX, it’s the mayor, it’s Interior, it’s everybody else joining together not to make a profit, not to get your name out there but to say, let’s celebrate America.”

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“Let’s celebrate America’s birthday.”

The 1.66-mile-long route will loop around historic sites in the National Mall with the US Capitol and Washington Monument in the background. Craske, David

The first-ever street race around the National Mall will take place from Aug. 22-23, with the course itself set to be built up during the summer.

Drivers will also blast past the National Archives, the National Gallery of Art, and the Hirshhorn Museum, with a pit lane on Pennsylvania Avenue.

Officials debuted a red, white, and blue “Freedom 250 Grand Prix IndyCar” design Monday to honor the upcoming 250th anniversary of the adoption of the Declaration of Independence.

The race is part of the sweeping festivities across the country to celebrate America’s 250th birthday. Joey Sussman/ZUMA / SplashNews.com

“We want people to plan their trips to D.C. now,” DC Mayor Muriel Bowser said. “Come for the Freedom 250, and then stay to enjoy our monuments and museums, our beautiful parks, world-class restaurants and hotels, and all the culture and entertainment that make us the best city in the world.”

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President Trump took executive action back in January, tasking Duffy and Secretary of the Interior Sean Duffy to coordinate with Bowser on planning the feted event.

“The story of America is one of vision, courage, perseverance – and speed,” Monica Crowley, Trump’s representative for America’s 250th, said in a statement.

Officials also unveiled the patriotically themed “Freedom 250 Grand Prix IndyCar” design on Monday. Getty Images

“Presidents Washington and Jefferson marked notable celebrations with spirited horse races; the Freedom 250 race will bring that historic tradition into the 21st century and renew a tremendous sense of patriotic pride.”

Trump’s team is eyeing other major sports events to celebrate America’s 250th anniversary, including a UFC fight at the White House. The US is also co-hosting the 2026 FIFA World Cup over the summer.

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Storm Team4 forecast, Enjoy a pleasant start to the week with temperatures in the 70s

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Storm Team4 forecast, Enjoy a pleasant start to the week with temperatures in the 70s


4 things to know about the weather:

  1. “May” not “March” for now
  2. Next rain late Wednesday, Thursday
  3. Back to average by Friday
  4. Much colder next Week

The warmer weather we’ve waited months for will be with us for only three more days before the March Lion starts to roar again.

Monday and Tuesday will be the best days of the week by far. Sunny skies and temperatures running 20-25° above average. Plan for highs reaching the low 70s Monday and near 80° on Tuesday.

A series of cold fronts later in the week will send temperatures back to average 54° by the end of the week and then well below average for most of next week.

Clouds will return by Wednesday morning and rain chances will arrive no later than sunset. Wednesday will still be close to 80° and have our first taste of humidity in a while. Rain is likely from Wednesday evening through noon on Thursday as our first cold front arrives.

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Thursday’s highs, likely near 70°, will occur before sunrise but gusty northwest winds will have temperatures falling steadily throughout the day. Expect temperatures in the 50s, rain for the morning commute and 40s with rain ending for the ride home.

Download the NBC Washington app on iOS and Android to check the weather radar on the go.

Warm streak won’t last long

The good news is that Friday and the upcoming weekend look dry. Highs will be back in the mid-50s for Friday and Saturday but Sunday should get back into the mid-60s.

Another cold front will arrive early next week leading to temperatures running 10-15° below average. It’s also not entirely out of the question that there could be a wet snowflake or two on St. Patrick’s Day.

The return of the cold air next week will keep the cherry trees at bay so the odds of peak bloom occurring in March, like it has the last five to six years in a row, are looking slim at best.

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QuickCast

MONDAY:
Mostly Sunny
Nice And Warm
Light Breeze
Wind: Southwest 5-10 mph
Chance of Rain: 0%
HIGHS: 68° to 74°

MONDAY NIGHT:
Clear Skies
Remaining Mild
Patchy Areas Of Fog
Wind: Variable 5 mph
Chance Of Rain: 0%
LOWS: 46° to 52°

TUESDAY:
Mostly Sunny
Near Record Warmth
Light Breeze
Wind: Southwest 5-10 mph
Chance of Rain: 0%
HIGHS: 76° to 82°

WEDNESDAY:
Breezy, Warm And Humid
Increasing Clouds
Showers By Evening
Wind: Southwest 10-25mph
Chance of Rain: 40%
HIGHS: 75° to 80°

THURSDAY:
Cloudy, Windy, Much Colder
Rain Likely Before 2pm
Falling Temperatures
Wind: Northwest 20-35 mph
Chance of Rain: 80%
HIGHS: 65° to 45°

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Sunrise: 7:29       Sunset: 7:09
Average High: 54°  Average Low: 37°

Stay with Storm Team4 for the latest forecast. Download the NBC Washington app on iOS and Android to get severe weather alerts on your phone.



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