In furtherance of its Californian assets acquisition spree, Terreno Realty Corp. (NYSE: TRNO) bought an industrial building in Compton. The company shelled out $4.0 million for this purchase.
The acquired industrial property, which stretches about 24,000 square feet on 2.5 acres, is situated on 2934 East Las Hermanas Street. It is placed in proximity to Interstate 710 and the Artesia Freeway between the Ports of LA and Long Beach and Los Angeles International Airport. Notably, the asset is fully leased to two tenants and offers seven dock-high loading positions and trailer storage.
We believe that this transaction is a strategic fit, as it will enhance the company's high-quality industrial assets portfolio in California. In addition, the industrial property market in California is exhibiting an upward trend. Particularly, amid a larger customer base and rise in e-Commerce application and supply chain consolidation, there is an increasing demand for high-quality logistics facilities. Alongside, Terreno Realty is aiming at capitalizing on this trend to drive its profitability going forward.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Consequently, in recent times, this industrial real estate investment trust (REIT) has been involved in a number of acquisitions in California. Last week, the company disclosed the acquisition of an industrial property for $7.8 million in Corona (read: Terreno Realty Acquires $7.8M Property in CA). Also, in May, Terreno Realty sealed the buyout of an industrial asset in San Leandro for about $13.3 million.
As a matter of fact, Terreno Realty is primarily engaged in the acquisition, ownership and operation of industrial real estate in the U.S. Its main areas of business are the six coastal markets in Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington D.C./Baltimore.
Terreno Realty currently sports a Zacks Rank #1 (Strong Buy). Some other equity REITs worth considering include The GEO Group, Inc. (NYSE: GEO), Aviv REIT, Inc. (NYSE: AVIV) and Chatham Lodging Trust (NYSE: CLDT). All these stocks have the same Zacks Rank as that of Terreno Realty.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
TERRENO REALTY (NYSE: TRNO): Free Stock Analysis Report
CHATHAM LODGING (NYSE: CLDT): Free Stock Analysis Report
GEO GRP INC/THE (NYSE: GEO): Free Stock Analysis Report
AVIV REIT INC (NYSE: AVIV): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research