In sync with its perceived strategy of acquiring industrial properties, Terreno Realty Corp. TRNO bought a Union City, CA-based industrial property for around $7.4 million on Mar 26. This move is projected to strengthen the company’s industrial real estate portfolio in California.
The acquired property comprises one 65,000 square feet rear-load industrial distribution building, spread over 3.0 acres at 30180 Ahern Avenue. The property, fully leased to one tenant, is situated close to Interstate 880 between California Highways 84 and 92. It offers 6 dock-high and 4 grade-level loading positions and can accommodate 104 cars.
We expect this acquisition to add value to Terreno Realty’s bottom line, going forward. This San Francisco, CA-based Equity REIT is focused on actively leveraging the improving fundamentals of industrial markets, bolstering its business in key coastal U.S. markets like 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 9 industrial properties, spanning 1.4 million square feet, for a total sum of $134.5 million. These properties are located in the states of Washington, New Jersey, Maryland, Florida and California. For full-year 2014, Terreno Realty acquired 29 industrial buildings, comprising 2.3 million square feet, and valued at over $235.7 million. This trend continued in 2015 as well.
Currently, Terreno Realty carries a Zacks Rank #3 (Hold). Investors interested in Equity REITs may consider stocks like Ryman Hospitality Properties, Inc. RHP, CareTrust REIT, Inc. CTRE and Kilroy Realty Corp. KRC. All these stocks sport a Zacks Rank #1 (Strong Buy).
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