Terreno Realty Corporation
) recently announced the acquisition of an industrial property in
Burien, Wash. The company shelled out approximately $6.5 million
for this purchase. Spanning 69,000 square feet across 4.8 acres,
this multi-tenant industrial distribution building is 89% leased
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This cross-dock airfreight building has locational advantage as
it is situated next to the south side of SeaTac International
Airport. It offers 49 dock-high and 10 drive-in doors. The
property's estimated stabilized cap rate is 5.6%.
The purchase is a strategic fit for Terreno Realty and would help
bolster its strong tenant base. Moreover, it will likely prove
accretive to the earnings going forward and improve the company's
Earlier in March, Terreno Realty purchased an industrial property
in Medley, Fla. for roughly $5.1 million. The acquired property
comprises 1 industrial building that spans 49,000 square feet
across 5.4 acres. It also represents the company's 10th building
in the Miami-Dade County and is fully leased to a single tenant.
Terreno Realty owns and operates industrial real estate
properties primarily 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. Lately, 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 #3 (Hold). REITs that
are performing better than the company include
Simon Property Group Inc.
Cousins Properties Inc.
Agree Realty Corp.
), all carrying a Zacks Rank #2 (Buy).