Terreno’s $116M V Street Portfolio Is Almost Fully Leased

Hampton Overlook

WASHINGTON, DC–Last year industrial REIT Terreno Realty made one of the largest acquisitions in recent memory: a six-building, 820,000-square foot portfolio on V street, NE for $115.5 million. At the time the property was 87.3% leased to 22 tenants, with 209,000 square feet of leases scheduled to expire prior to Nov. 1, 2016. The San Francisco-based company has announced it has brought the portfolio up to 97.5% occupancy, with 26 tenants.

How did it get to this point? Terreno Realty renewed three tenants for 189,000 square feet and executed new leases with seven tenants for 102,000 square feet. The leases executed since the acquisition have a weighted average lease term of eight years with an average cash rent increase of 65% as compared to the last cash rent on the expiring leases.