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Terreno Realty Corporation (TRNO) - $25 value - yours FREE >>
Alexandria Real Estate Equities, Inc. (ARE) - $25 value - yours FREE >>
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Terreno Announces Sale of Industrial Property in Florida
In a notable development, Terreno Realty Corp. (TRNO - Free Report) announced the sale of an industrial property in Doral, FL on Sep 12, 2016. Valued at around $6.1 million, this step is in accordance with the San Francisco, CA-based industrial real estate investment trust’s (“REIT”) strategy of acquisition and disposition of properties on a regular basis.
The property comprises one industrial building of 40,000 square feet, on an area of roughly 1.6 acres. This industrial property, which was fully leased to one tenant, is located at 11460 NW 39th Street. Terreno Realty had purchased it on Aug 19, 2011 for around $4.4 million.
Terreno Realty’s last sale was a Sterling, VA-based industrial property on Mar 15, 2016 for around $8.2 million. The company’s latest acquisition was an industrial property in Somerset, NJ for approximately $9.1 million, in Sep 2016.
We expect these latest transactions to boost Terreno Realty’s bottom line, going ahead. This 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 Price
TERRENO REALTY Price | TERRENO REALTY Quote
Terreno Realty currently carries a Zacks Rank #3 (Hold).
Investors interested in the REIT sector can consider some better-ranked stocks like Alexandria Real Estate Equities, Inc. (ARE - Free Report) , Arbor Realty Trust Inc. (ABR - Free Report) and CareTrust REIT, Inc. (CTRE - Free Report) . All these stocks hold a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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