Terreno Realty Acquires $7.8M Property in CA
On Jun 9, Terreno Realty Corp. (TRNO), the San Francisco, CA-based real estate investment trust (:REIT), announced the acquisition of an industrial property in Corona, CA. Valued at $7.8 million, the transaction is in line with the company’s usual strategy of expanding its industrial real estate base.
The acquisition adds nearly 90,000 square feet of industrial distribution building spanning over 5.0 acres of land to the company’s portfolio. Moreover, it is located close to Interstate 15, at 2095 California Avenue. The property, offering trailer storage facility and ten dock-high loading positions, is wholly leased to one tenant.
Terreno Realty is primarily engaged in the acquisition, ownership and operation of industrial real estate in the U.S. Its main areas of business are the six coastal markets in Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington D.C./Baltimore.
In recent times, Terreno Realty has been involved in a number of acquisitions. On two consecutive days in the previous month, it purchased real estate properties worth $31.4 million. In April, it bought one industrial distribution building in Inglewood, CA for around $3.5 million. In first-quarter 2014, Terreno Realty altogether purchased properties worth $33.8 million. Besides, in fourth-quarter 2013, the company had acquired $99.6 million worth of real estate properties stretching across an area of 680,000 square feet. The latest deal continues the acquisition spree of the company.
Terreno Realty currently sports a Zacks Rank #1 (Strong Buy). Some other equity REITs worth considering include The GEO Group, Inc. (GEO), Parkway Properties Inc. (PKY) and Aviv REIT, Inc. (AVIV). All these stocks have the same Zacks Rank as that of Terreno Realty.
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