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 improved land parcel in Hanover, Maryland on July 12, 2016 for a purchase price of approximately $8.2 million.

The property consists of approximately 13.4 acres, of which 8.7 acres are paved, at 7479 New Ridge Road adjacent to Baltimore Washington International Airport, the Baltimore Washington Parkway (MD Highway 295) and MD Route 100. The property includes approximately 18,300 square feet of existing building improvements, is 100% leased to one tenant and the estimated stabilized cap rate of the property is 7.9%.

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.