Terreno Realty (TRNO) Buys Industrial Property in Seattle
In a notable development, Terreno Realty Corp. TRNO announced the acquisition of an industrial property in Seattle, WA. Valued at around $6.5 million, this buyout is consistent with this industrial real estate investment trust’s (“REIT”) strategy of enhancing its industrial property portfolio in major U.S. markets.
The acquired property comprises one industrial distribution building, spanning about 35,000 square feet and spread over an area of around 1.7 acres. This industrial property is located at 4930 3rd Avenue South, close to Seattle’s Port and SoDo district.
Notably, the property is fully leased to one tenant and offers 4 dock-high and 1 grade level loading positions, parking facility for 37 cars and an excess yard.
We expect the latest acquisition to boost Terreno Realty’s bottom line, going forward. This San Francisco, CA-based REIT actively focuses on 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.
Terreno Realty currently carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the REIT space include Crown Castle International Corp. CCI, Easterly Government Properties, Inc. DEA and Mack-Cali Realty Corp. CLI. All three stocks sport a Zacks Rank #1 (Strong Buy).
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