Terreno Realty Corp. outlined its recent property transactions, including the acquisition of the roughly 50,000-square-foot 46 Whelan Road industrial property in East Rutherford, N.J., during the fourth quarter of 2019.
The industrial real estate investment trust said it paid about $12.0 million for the property, which sits on 3.5 acres and is 100% occupied by one tenant under a short-term lease.
The REIT also acquired the approximately 0.9-acre improved land parcel at 5200 E. Marginal Way South in Seattle for approximately $2.9 million during the quarter. It is under letter of intent to purchase a property comprising about 66,000 square feet for about $18.0 million.
During the period, Terreno raised gross proceeds of $13.7 million through the issuance of 241,875 common shares under its at-the-market equity offering program and closed a $100 million private placement of 3.14% senior unsecured notes with a 10-year term.
The REIT used proceeds from the private placement to repay a $50 million term loan due 2021 and a $32 million mortgage loan due 2020.