Terreno Realty Corporation
) announced the acquisition of two industrial properties in
Carlstadt, N.J. The company shelled out about $9.9 million for
the purchase. Spanning 90,000 square feet across 3.2 acres, the
two industrial buildings are currently 97% leased to 3 tenants.
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The buildings are situated in the central Meadowlands submarket
adjoining Highways 3 and 17 and close to Exit 16W of the New
Jersey Turnpike. The property's estimated stabilized cap rate is
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.
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/New York City; San Francisco Bay Area; Seattle; Miami; and
Washington, D.C./Baltimore. Lately, Terreno Realty has been
active in capitalizing on opportunities to strengthen its
foothold in these areas and opted for acquisitions as well as
Earlier this month, Terreno Realty disclosed the acquisition of
an industrial property in East Hanover, NJ for approximately
$20.0 million. Notably, the company acquired three industrial
properties comprising five buildings spanning approximately
250,000 square feet for around $37.8 million during third-quarter
Moreover, adding catalysts to its top line, earlier this month
this industrial real estate investment trust (REIT) disclosed two
lease deals at its industrial properties in Commerce, California
and Elizabeth, NJ.
Specifically, the deal in Commerce is for a lease of 64,320
square feet of space to a regional grocer at Garfield Business
Center that begins on Nov 1, 2013 and expires on Mar 31, 2019.
The other deal in Elizabeth involves leasing of 75,000 square
feet at its recently renovated industrial property. The deal,
which was inked with a third-party logistics company, starts Oct
1, 2013 and expires Dec 31, 2018.
Terreno Realty currently holds a Zacks Rank #4 (Sell). However,
other REITs that are performing well and deserve a look include
Chatham Lodging Trust
Parkway Properties Inc.
Sotherly Hotels Inc.
). All these stocks carry a Zacks Rank #1 (Strong Buy).