Terreno Realty Inks Lease In East Rutherford, New Jersey
Zacks Investment Research | Nov 29, 2016 08:34PM ET
Terreno Realty Corp. (NYSE:TRNO) announced the execution of a lease deal for an 85,000 square feet area, in East Rutherford, NJ. This deal was executed in one building with a designer, developer and distributor of outdoor tools. This move is consistent with the industrial real estate investment trust’s (“REIT”) strategy of enhancing its property portfolio in the major U.S. markets.
The lease is set to commence immediately and will expire in Jan 2022. This San Francisco, CA-based REIT actively focuses on leveraging the improving fundamentals of industrial markets, bolstering its business in key coastal U.S. markets like Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C./Baltimore.
Terreno Realty currently carries a Zacks Rank #5 (Strong Sell). For the current quarter, the REIT’s estimates declined 3.8% to at 25 cents per share. Year to date, Terreno Realty’s share price rose 20%, whereas this rise for the Zacks categorized REIT and Equity Trust – Other industry was 0.7%.
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