Terreno Realty Corporation
) announced the acquisition of an industrial property in West
Caldwell, N.J. The company shelled out about $6.8 million for
this purchase. Spanning 93,000 square feet across 8.9 acres, this
multi-tenant rear-load industrial distribution building is
currently 100% leased.
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The building situated at 1 Dodge Drive enjoys locational
advantage for being close to I-80, I-280 and US Route 46. The
property's estimated stabilized cap rate is 9.0%.
The acquisition is a strategic fit for Terreno Realty as it would
help bolster its strong tenant base. Moreover, it is expected to
prove accretive to the company's earnings going forward.
Earlier, in June, Terreno Realty purchased an industrial property
in Elkridge, Md. for roughly $16.7 million. The acquired property
comprises two buildings that span 349,000 square feet across 17.9
acres. The two multi-tenant industrial distribution buildings are
currently 64% leased.
Moreover, last month, Terreno Realty purchased a portfolio
comprising 6 buildings in Doral, Fla. The company paid $23.7
million for this portfolio that spans 307,000 square feet. These
multi-tenant distribution buildings were 70% occupied at the time
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, San Francisco Bay Area, Seattle, Miami and Washington
D.C. Recently, 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.
Terreno Realty currently holds a Zacks Rank #3 (Hold). Some
better performing companies include
Extra Space Storage Inc
Sunstone Hotel Investors, Inc
). All these stocks carry a Zacks Rank #1 (Strong Buy).