In sync with its perceived strategy of acquiring industrial properties, Terreno Realty Corp. (TRNO) bought an asset for around $22.9 million in Fontana, CA on Dec 2. This move will strengthen the company’s industrial real estate portfolio in California, which is one of its prime business areas.
The acquired property comprises one 265,500 square feet cross-dock industrial distribution building situated on 13.1 acres. The property, fully leased to one tenant, is located at 14605 Miller Avenue. It offers 70 dock-high and 4 grade-level loading positions. Further, the property provides parking facilities for 188 cars.
We are encouraged by this acquisition in California, which is known for its industrial assets. This property will add to the company’s bottom line, going forward. The San Francisco, CA-based Equity REIT 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.
Terreno Realty has been closing a spate of acquisitions lately. On Dec 1, the company announced the buyout of two industrial properties located in Avenel, NJ for around $7.4 million. Prior to that, the company acquired an industrial property in Medley, FL for around $8.9 million (Read More: Terreno Makes More Industrial Buyouts, This Time in Florida).
Currently, Terreno Realty carries a Zacks Rank #3 (Hold). Investors interested in Equity-REITs may consider better-ranked stocks like Corrections Corporation of America (CXW), Ashford Hospitality Trust, Inc. (AHT) and Cousins Properties Incorporated (CUZ). While both Corrections Corporation and Ashford Hospitality Trust sport a Zacks Rank #1 (Strong Buy), Cousins Properties carries a Zacks Rank #2 (Buy).
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