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San Francisco-based Terreno Realty Corporation (TRNO - Snapshot Report) announced the acquisition of an industrial property in West Caldwell, N.J. The company shelled out about $6.8 million for this purchase. Spanning 93,000 square feet across 8.9 acres, this multi-tenant rear-load industrial distribution building is currently 100% leased.

The building situated at 1 Dodge Drive enjoys locational advantage for being close to I-80, I-280 and US Route 46. The property’s estimated stabilized cap rate is 9.0%.

The acquisition is a strategic fit for Terreno Realty as it would help bolster its strong tenant base. Moreover, it is expected to prove accretive to the company’s earnings going forward.

Earlier, in June, Terreno Realty purchased an industrial property in Elkridge, Md. for roughly $16.7 million. The acquired property comprises two buildings that span 349,000 square feet across 17.9 acres. The two multi-tenant industrial distribution buildings are currently 64% leased.

Moreover, last month, Terreno Realty purchased a portfolio comprising 6 buildings in Doral, Fla. The company paid $23.7 million for this portfolio that spans 307,000 square feet. These multi-tenant distribution buildings were 70% occupied at the time of purchase.

Terreno Realty owns and operates industrial real estate properties mainly in 6 major coastal markets of the U.S. – the high barriers-to-entry markets of Los Angeles, Northern New Jersey, San Francisco Bay Area, Seattle, Miami and Washington D.C. Recently, Terreno Realty has been active in capitalizing on opportunities to strengthen its foothold in these areas and opted for acquisitions as well as lease extension and renewal deals.

Terreno Realty currently holds a Zacks Rank #3 (Hold). Some better performing companies include CommonWealth REIT (CWH - Snapshot Report), Extra Space Storage Inc. (EXR - Snapshot Report) and Sunstone Hotel Investors, Inc. (SHO - Snapshot Report). All these stocks carry a Zacks Rank #1 (Strong Buy).

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