In tune with its ongoing acquisition spree,
Terreno Realty Corporation
) bought four buildings (about 229,000 square feet) and an
adjacent land parcel (0.2 acre) in JFK Airgate in Queens, NY for
around $53.1 million. The 98.6% leased property is occupied by 18
well-known international air cargo and logistics firms.
JFK Airgate Center comprised 3 industrial warehouses and 1
office property - Airgate I, II, III and IV - along with an
underground parking facility. Situated about one-half mile north
of John F. Kennedy International airport, JFK Airgate is located
in proximity to the Belt Parkway, Rockaway Boulevard and the Van
The assets' estimated stabilized cap rate is 5.3%. For Terreno
Realty, the acquisition is a strategic fit as it would help boost
its portfolio base and tenant mix. Also, it is expected to prove
accretive to the company's earnings, going forward.
Notably, Terreno Realty has been active in capitalizing on
opportunities to expand its foothold in these areas and has opted
for industrial properties acquisitions. Accordingly, in recent
times, this real estate investment trust (REIT) disclosed the
buyout of an industrial property in Landover, MD for about $7.0
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
growth prospects of this industrial real asset managing
Terreno Realty currently has a Zacks Rank #3 (Hold). Some
better-ranked stocks in the REIT-Equity Trust - Other industry
First Industrial Realty Trust Inc.
Piedmont Office Realty Trust Inc.
SL Green Realty Corp.
). All these stocks carry a Zacks Rank #2 (Buy).
FIRST INDL RLTY (FR): Free Stock Analysis
PIEDMONT OFFICE (PDM): Free Stock Analysis
SL GREEN REALTY (SLG): Free Stock Analysis
TERRENO REALTY (TRNO): Free Stock Analysis
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