Terreno Realty (TRNO) Buys Industrial Property In Fremont
Zacks Investment Research | Oct 01, 2017 11:25PM ET
Terreno Realty Corporation (NYSE:TRNO) recently announced the acquisition of a Fremont, CA-based industrial property for nearly $7.3 million. The transaction was closed on Sep 28.
The 41,000-square-foot property, spread on 2.1 acres of land, is an industrial distribution building. Located between Interstates 880 and 680 at 45861 Hotchkiss Street, this building offers easy accessibility and is currently unoccupied.
Nonetheless, post renovation, the property will incorporate two grade-level and four dock-high loading positions. Moreover, it will provide parking facilities for 112 cars. The estimated stabilized cap rate of the building is 5.2%.
Notably, Terreno Realty is making efforts to expand its portfolio on the back of strategic acquisitions. Most recently, the company acquired an industrial property in Newark, for nearly $13.2 million. The 7.2 acre improved land parcel is situated adjacent to U.S. Routes 1 and 9.
These acquisitions are anticipated to bolster Terreno Realty’s bottom line in the near term. This San Francisco-based real estate industrial trust (REIT) actively focuses on leveraging the improving fundamentals of industrial markets, fortifying its business in the key coastal U.S. markets, such as Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C./Baltimore.
Encouragingly, year to date, shares of Terreno Realty have outperformed the Zacks Investment Research
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