In order to further fuel its growth engine,
Terreno Realty Corporation
) - the industrial real estate investment trust (REIT) -
disclosed the lease extensions at its East Caribbean Drive
buildings in Sunnyvale, CA.
Specifically, the extensions were made for additional five
years for the tenant, a molecular diagnostics company, thereby
pushing the expiry date of the two leases to Mar 31, 2025. The
move helps in securing steady rental revenue for Terreno
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
lease extension and renewal deals.
Last month, Terreno Realty announced the acquisition of an
industrial property in Jessup, MD. The company shelled out about
$6.0 million for the purchase. Spanning 88,000 square feet across
5.9 acres, the property has one industrial distribution building
that is currently 100% leased to one tenant.
Moreover, adding catalysts to its top line, in the same month,
Terreno Realty inked two lease deals at its 2 assets in the San
Francisco Bay Area - 238 Lawrence in South San Francisco and Warm
Springs Boulevard in Fremont. Such activities bode well for
Terreno Realty's long-term growth.
Terreno Realty currently holds a Zacks Rank #3 (Hold). Some
better-ranked stocks in the REIT-Equity Trust - Other sector
First Industrial Realty Trust Inc.
SL Green Realty Corp.
). All stocks carry a Zacks Rank #2 (Buy).
FIRST INDL RLTY (FR): Free Stock Analysis
PUBLIC STORAGE (PSA): Free Stock Analysis
SL GREEN REALTY (SLG): Free Stock Analysis
TERRENO REALTY (TRNO): Free Stock Analysis
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