Zacks Investment Research | Dec 24, 2019 07:40AM ET
Terreno Realty Corporation (NYSE:TRNO) recently completed the acquisition of an industrial property located in Puyallup, WA. The company has shelled out nearly $6.7 million for this purchase.
The industrial distribution building offers around 41,000 square feet of space on 2.3 acres. The property is situated at 917 Valley Avenue NW and is less than four miles from the Port of Tacoma. Its strategic location has likely enabled the property to be fully-leased to two tenants. Further, the building features include 10 dock-high, four grade-level loading positions and parking for 50 cars.
The property’s estimated stabilized cap rate is 5.4%. Notably, this acquisition is in line with Terreno Realty’s acquisition-driven growth strategy. The company targets functional buildings at in-fill locations, which enjoy high-population densities and are located near high volume-distribution points.
Moreover, recently the company acquired another industrial property in East Rutherford, NJ, for $12 million. The industrial distribution building is less than two miles west of the Meadowlands Sports Complex and Exit 16W of the New Jersey Turnpike. It is 100% leased to a single tenant. (Read more: Zacks Investment Research
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