Terreno Realty Corp.
), the San Francisco, CA-based real estate investment trust (REIT),
announced its plan to fully lease a 69,500 square feet building to
a leading national airline catering company. The building is
located at 240 Littlefield Avenue in South San Francisco. The lease
expires in Sep 2029.
The property is adjacent to Highway 101 and less than a mile away
from San Francisco International Airport. Notably, Terreno Realty
had purchased 3.3 acre property at a price of $8.4 million in Apr
2013. Subsequently, the property had undergone a significant
renovation. Before leasing it out, the company removed
approximately 15,500 square feet of the building space and added 11
dock-high loading positions and trailer storage to it.
Terreno Realty is engaged in acquiring, owning and operating
industrial real estate in the U.S. Its main areas of operations are
the coastal markets in Los Angeles, Northern New Jersey/New York
City, San Francisco Bay Area, Seattle, Miami and Washington
This lease comes on the heels of a series of acquisitions made by
the company in recent times. This REIT inked two separate
acquisition deals on two consecutive days this month, worth a
combined value of $31.4 million. Moreover, in first-quarter 2014
and fourth-quarter 2013, the company purchased properties worth
$33.8 million and $99.6 million, respectively.
The revenues generated through leasing out properties may be used
for funding future acquisitions of the company.
Terreno Realty currently sports a Zacks Rank #1 (Strong Buy). Some
other equity REITs worth considering include
The GEO Group, Inc.
W. P. Carey Inc.
Aviv REIT, Inc.
). While GEO Group and W. P. Carey hold the same Zacks Rank as
Terreno Realty, Aviv REIT carries a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research?
Today, you can download 7 Best Stocks for the Next 30 Days.
Click to get this free report
AVIV REIT INC (AVIV): Free Stock Analysis
GEO GRP INC/THE (GEO): Free Stock Analysis
TERRENO REALTY (TRNO): Free Stock Analysis
WP CAREY INC (WPC): Free Stock Analysis Report
To read this article on Zacks.com click here.