Industrial real estate investment trust (“REIT”) Terreno Realty Corporation (TRNO Quick QuoteTRNO - Free Report) announced that on Sep 1, it acquired an industrial property located in Somerset, NJ. The property, comprising around 86,000 square feet on 6.9 acres, was purchased at a price of around $9.1 million.

Located at 70 Schoolhouse Road, the property includes one rear-load industrial distribution building and this buyout is consistent with the REIT’s strategy of enhancing its property portfolio in the major U.S. markets. The property, which is fully leased to one tenant, provides 12 dock-high and one grade-level loading positions, as well as parking facility for 61 cars. The estimated stabilized cap rate of the property is 5.5%.

This latest acquisition is expected to boost Terreno Realty’s bottom line, going ahead. 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 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 Quick QuoteARE - Free Report) , Arbor Realty Trust Inc. (ABR Quick QuoteABR - Free Report) and CareTrust REIT, Inc. (CTRE Quick QuoteCTRE - Free Report) . All these stocks hold a Zacks Rank #2 (Buy).

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