In sync with its perceived strategy of acquiring industrial properties, Terreno Realty Corp. (TRNO) bought an asset for around $9.9 million in Doral, FL on Jan 23. This move is expected to strengthen the company’s industrial real estate portfolio in Florida.
The acquired property comprises one 107,000 square feet cross-dock industrial distribution building, situated over 5.0 acres in Airport West market of Miami. The property, fully leased to one tenant, is located at 10100 NW 25th Street. It offers 25 dock-high and 6 grade-level loading positions.
We believe that this acquisition will add value to the company’s bottom line, going forward. This San Francisco, CA-based Equity REIT actively leverages the improving fundamentals of the industrial markets, focused 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.
Notably, in fourth-quarter 2014, this REIT took possession of nine industrial properties spanning 1.4 million square feet for $134.5 million. Properties acquired during the quarter are located in the states of Washington, New Jersey, Maryland, Florida and California. For the full year, Terreno Realty acquired 29 industrial buildings, comprising 2.3 million square feet for a total price of around $235.7 million.
Currently, Terreno Realty carries a Zacks Rank #4 (Sell). Investors interested in Equity REITs may consider better-ranked stocks like Summit Hotel Properties, Inc. (INN), Ashford Hospitality Trust, Inc. (AHT) and Sotherly Hotels Inc. (SOHO). All these stocks sport a Zacks Rank #1 (Strong Buy).
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