Terreno Realty Corporation (TRNO), a real estate investment trust, has recently announced the acquisition of an industrial property in Kent, Washington, for approximately $15.0 million.
The property consists of two multi-tenant industrial buildings spanning approximately 169,000 square feet. The property is currently 85% leased to six tenants and is located in the heart of the Kent Valley with close access to the Seattle-Tacoma International Airport. The strategic move on the company's part is aimed at enhancing the quality of its portfolio.
This apart, Terreno Realty recently leased approximately 166,000 square feet of space at its industrial building in Miami Lakes, Florida
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.
Each of the locations where 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.
Terreno Realty currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, DCT Industrial Trust Inc ( DCT) has a Zacks #2 Rank, which translates into a short-term Buy rating.
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