Terreno Realty Acquires $13.3M Property in CA - Analyst Blog

Terreno Realty Corp. TRNO, the San Francisco, CA-based real estate investment trust (REIT), is presently on an acquisition spree. Barely a day after it purchased an industrial property in Capitol Heights, MD, it inked another acquisition deal on May 14. The acquired property is located in San Leandro, CA. Valued at $13.3 million, this latest transaction is in line with the company's usual strategy of expanding its industrial real estate base.

The new acquisition adds three buildings containing around 129,000 square feet area spanning over 6.0 acres of land to the company's portfolio. Additionally, the property is wholly leased to one tenant and it provides 25 dock-high loading positions.

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 D.C./Baltimore.

On May 13, the company purchased the Capitol Heights, MD property at a price of $18.1 million. In April, it acquired one industrial distribution building in Inglewood, CA for around $3.5 million. In first-quarter 2014, Terreno Realty altogether purchased properties worth $33.8 million. Besides, in fourth-quarter 2013, the company took over $99.6 million worth of real estate properties covering 680,000 square feet area.

Terreno Realty currently sports a Zacks Rank #1 (Strong Buy). Some other equity REITs worth considering include The GEO Group, Inc. GEO, Rexford Industrial Realty, Inc. REXR and Aviv REIT, Inc. AVIV. While both GEO Group and Rexford Industrial Realty sport a Zacks Rank #1 (Strong Buy), Aviv REIT holds a Zacks Rank #2 (Buy).