Terreno Realty Buys Newark Assets
San Francisco-based Terreno Realty Corporation (TRNO) announced the acquisition of an industrial property in Newark, N.J. The company shelled out about $15.0 million for the purchase. Spanning 52,000 square feet across 9.4 acres, this trans-shipment industrial building is currently 100% leased.
The building is situated close to the intersection of the New Jersey Turnpike, Interstate 78 and Routes 1 and 9. Moreover, the property situated at 550 Delancy Street in Newark, is within close proximity to the Newark Liberty International Airport and the Port of Newark. The property’s estimated stabilized cap rate is 5.6%.
The acquisition is a strategic fit for Terreno Realty as it would help boost its strong tenant base. Moreover, it is expected to prove accretive to the company’s earnings going forward.
Earlier, in June, Terreno Realty purchased an industrial property in West Caldwell, N.J. The company shelled out about $6.8 million for this purchase. The property that spans over 93,000 square feet across 8.9 acres is currently 100% leased.
Additionally, in June, Terreno Realty purchased an industrial property in Elkridge, Md. for roughly $16.7 million. The acquired property comprises two buildings that span 349,000 square feet across 17.9 acres. The two multi-tenant industrial distribution buildings are currently 64% leased.
Terreno Realty owns and operates industrial real estate properties mainly in 6 major coastal markets of the U.S. – the high barriers-to-entry markets of Los Angeles, Northern New Jersey, San Francisco Bay Area, Seattle, Miami and Washington D.C. Recently, Terreno Realty has been active in capitalizing on opportunities to strengthen its foothold in these areas and opted for acquisitions as well as lease extension and renewal deals.
Terreno Realty currently holds a Zacks Rank #4 (Sell). Some better performing companies include Diamondrock Hospitality Co. (DRH), Winthrop Realty Trust (FUR) and W. P. Carey Inc. (WPC). All these stocks carry a Zacks Rank #1 (Strong Buy).
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