Terreno Realty Corporation acquired an industrial property located in Irvine, California on December 30, 2020 for a purchase price of approximately $8.0 million. The property consists of one industrial transshipment building containing approximately 11,000 square feet on 2.1 acres. The property is at 12 McLaren adjacent to the intersection of Interstates 5 and 405, provides 14 dock-high and two grade-level loading positions and parking for 151 cars. The property is 100% leased to one tenant and the estimated stabilized cap rate is 4.0%. 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.