Terreno Realty Corporation
), a real estate investment trust (REIT), has recently sold an
industrial property in San Bernardino, California, for $17.0
million to increase its liquidity. The property was sold to an
affiliate of Realterm NAT, a vertically integrated owner and
manager of high flow-through (HFT) logistics facilities serving
the transportation industry.
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The divested property includes two trans-shipment industrial
buildings spanning approximately 122,000 square feet of space.
The facilities are fully leased to a single tenant. Terreno had
acquired the property in September 2010 for $12.1 million and the
present sale price represents a profit of approximately $5
San Francisco-based Terreno Realty owns and operates industrial
real estate properties primarily in six major coastal markets of
the U.S. These include the high barrier-to-entry markets of Los
Angeles, Northern New Jersey/New York City, San Francisco Bay
Area, Seattle, Miami and Washington D.C./Baltimore.
As of September 30, 2012, Terreno Realty owned 63 buildings
aggregating 4.8 million square feet in high barrier-to-entry
markets of Los Angeles, Northern New Jersey/New York City, San
Francisco Bay Area, Seattle, Miami and Washington D.C./Baltimore.
The properties were approximately 92.6% leased to 97 tenants.
Each of the locations in which Terreno Realty has a significant
presence is characterized by a well-established transportation
network - seaports, airports, highways and railways that are
essential for the swift distribution of goods. In addition,
available land in these markets is scarce, resulting in steep
barriers for the development of new and competing properties.
We have a Neutral rating on Terreno Realty, which presently has a
Zacks #3 Rank translating into a short-term Hold rating. We also
have a Neutral recommendation and a Zacks #3 Rank for
DCT Industrial Trust Inc.
), one of the competitors of Terreno Realty.