In furtherance of its Washington assets acquisition spree, Terreno Realty Corporation (TRNO) disclosed the buyout of an industrial building in Auburn. The company shelled out $9.5 million for this purchase.
The acquired industrial building, which stretches about 92,000 square feet on 7.8 acres, is situated at 1307 West Valley Highway North. It is placed in proximity to Highway 167 in Kent Valley. Notably, the asset is 78% leased to five tenants and offers 15 dock-high and seven grade-level loading positions.
We believe that this transaction is a strategic fit, as it will enhance the company's high-quality industrial assets portfolio in Washington. Particularly, amid a larger customer base and rise in e-Commerce application and supply chain consolidation, there is an increasing demand for high-quality logistics facilities.
Alongside, this industrial real estate investment trust (:REIT) is aiming at capitalizing on this trend to drive its profitability going forward. Consequently, in late July, Terreno Realty purchased an industrial asset for around $2.8 million in Kent, WA.
As a matter of fact, 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 of Los Angeles, San Francisco Bay Area, Miami, Seattle, Northern New Jersey/New York City, and Washington D.C./Baltimore.
Terreno Realty currently sports a Zacks Rank #4 (Sell). Investors interested in REITs may consider stocks like Government Properties Income Trust (GOV), Pebblebrook Hotel Trust (PEB) and W.P. Carey Inc. REIT (WPC). All these stocks have a Zacks Rank #1 (Strong Buy).