Terreno Realty Corporation
) is on an acquisition spree. The company acquired land in South
Brunswick, NJ on Dec 31, 2013. The company shelled out $5.0
million for this purchase.
This follows the recent purchase of four buildings (about
229,000 square feet) and an adjacent land parcel (0.2 acre) in
JFK Airgate in Queens, NY, which is 98.6% leased to 18 well-known
international air cargo and logistics firms, for around $53.1
In particular, this South Brunswick buyout involves a land
parcel of approximately 10.15 acres. It is positioned adjacent to
Terreno Realty's current 413,000 square foot facility at 130
Interstate Boulevard within the New Jersey Turnpike Exit 8A
Terreno Realty plans to build an approximately 190,000 square
foot expansion to the existing facility in 2014. This will lead
to the construction of a multi-tenant front-load distribution
building spanning 603,000 square foot. The assets' estimated
stabilized cap rate is 5.8% for the expanded part.
We believe these acquisitions suit the company's growth needs.
These portfolio additions help boost its tenant mix and are
expected to enhance the company's bottom line, going forward.
As a matter of fact, Terreno Realty, which mainly focuses on
industrial real estate properties 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, has been active
in capitalizing on opportunities to expand its foothold in these
Accordingly, in recent times, this real estate investment
trust (REIT) disclosed the buyout of an industrial property in
Landover, MD for about $7.0 million. Also, the company bought
Gardena, CA-based and Lanham, MD-based industrial assets for
roughly $6.0 million and $5.6 million, respectively. These moves
are poised to strengthen the company's growth prospects going
Terreno Realty currently has a Zacks Rank #3 (Hold). Some
better-ranked stocks in the REIT-Equity Trust - Other industry
Getty Realty Corp.
National Health Investors Inc.
Pebblebrook Hotel Trust
). All these stocks carry a Zacks Rank #1 (Strong Buy).
GETTY REALTY CP (GTY): Free Stock Analysis
NATL HEALTH INV (NHI): Free Stock Analysis
PEBBLEBROOK HTL (PEB): Free Stock Analysis
TERRENO REALTY (TRNO): Free Stock Analysis
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