In keeping with its perceived strategy of acquiring industrial properties, Terreno Realty Corp. (TRNO) bought an asset for around $8.9 million in Medley, FL on Nov 19. This move will strengthen the company’s industrial real estate portfolio in Florida, which is one of its prime business areas.
The acquired property comprises one 85,000 square feet industrial building placed on 4.7 acres. The property, fully leased to three tenants, is located near the North Okeechobee Road and Florida’s Turnpike. It offers 20 dock-high and two grade-level loading positions.
We are encouraged by this acquisition in Medley, which is known for its industrial assets. This will add to the company’s bottom line, going forward. Notably, this San Francisco, CA-based Equity REIT leverages on the improving fundamentals of the industrial markets and focuses on bolstering its business in key coastal U.S. markets of Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C./Baltimore.
Accordingly, there has been a spate of acquisitions by Terreno Realty lately. Most recently, the company acquired an industrial property in Annapolis Junction, MD for around $13.8 million (read more: Terreno Realty Acquires MD Industrial Property for $13.8M). Moreover, following the end of Sep 30, 2014, Terreno Realty acquired three industrial distribution buildings for about $26.4 million.
Terreno Realty currently carries a Zacks Rank #3 (Hold). Investors interested in REITs may consider better-ranked stocks like Corrections Corporation of America (CXW), First Industrial Realty Trust Inc. (FR) and Cousins Properties Inc. (CUZ). While Corrections Corporation sports a Zacks Rank #1 (Strong Buy), the other two stocks have a Zacks Rank #2 (Buy).
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