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TRNO Eyes Growth With New York and California Property Buyouts
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Key Takeaways
TRNO's $31.1M Queens buy includes a vacant site set for redevelopment with a 5.5% cap rate target.
The Santa Ana acquisition adds 134,000 sq ft of leased space on 12.1 acres for $49.5M.
TRNO sold $114.5M in assets recently, recycling capital into active deals and pending acquisitions.
Terreno Realty Corporation (TRNO - Free Report) recently shelled out $31.1 million for the purchase of an industrial property in Long Island City, Queens, NY. The move comes as part of the company’s acquisition efforts to boost its portfolio in major industrial markets.
Located at 49-10 27th Street, next to the entrance to the Queens-Midtown Tunnel, this property is positioned on 2.2 acres and comprises one industrial distribution building encompassing around 48,000 square feet. It offers ten dock-high and 14 grade-level loading positions.
Terreno plans to redevelop the currently vacant property with significant upgrades, including a redesigned truck loading area, new office and warehouse space, exterior lighting enhancements, slab repairs and a potential roof raise. The project is expected to be completed in 2026 and is projected to have a total investment of around $40.2 million. The estimated stabilized cap rate is 5.5%.
Apart from the latest acquisition, Terreno has recently announced the purchase of an industrial property in Santa Ana, CA, for around $49.5 million. The transaction marks an estimated stabilized cap rate of 5.7%. The acquired property is located at 3500 West MacArthur Boulevard, comprising one industrial distribution building containing roughly 134,000 square feet on 12.1 acres of industrial-zoned land. It is 100% leased to a major home improvement retailer and is operational as a retail location. Also, prior to that, TRNO acquired an industrial property in Long Island City, Queens, NY, for $16 million.
TRNO follows a disciplined capital-recycling strategy. In early June 2025, the company acquired an industrial property in Los Angeles, CA, for around $10 million. In May 2025, it sold two properties at an aggregate sale value of around $114.5 million.
Final Take on TRNO
With such expansion efforts, Terreno Realty is well-poised to enhance its portfolio in six major coastal U.S. markets, namely New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle and Washington, D.C. These markets display solid demographic trends and witness healthy demand for industrial real estate. However, macroeconomic uncertainty and tariff issues remain major concerns now.
Shares of this Zacks Rank #4 (Sell) company have declined 2.3% in the past three months against the industry’s rise of 1.3%.
The Zacks Consensus Estimate for VICI Properties’ 2025 FFO per share is pegged at $2.35, indicating year-over-year growth of 4%.
The Zacks Consensus Estimate for W.P. Carey’s 2025 FFO per share stands at $4.88, implying an increase of 3.8% from the year-ago reported figure.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
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TRNO Eyes Growth With New York and California Property Buyouts
Key Takeaways
Terreno Realty Corporation (TRNO - Free Report) recently shelled out $31.1 million for the purchase of an industrial property in Long Island City, Queens, NY. The move comes as part of the company’s acquisition efforts to boost its portfolio in major industrial markets.
Located at 49-10 27th Street, next to the entrance to the Queens-Midtown Tunnel, this property is positioned on 2.2 acres and comprises one industrial distribution building encompassing around 48,000 square feet. It offers ten dock-high and 14 grade-level loading positions.
Terreno plans to redevelop the currently vacant property with significant upgrades, including a redesigned truck loading area, new office and warehouse space, exterior lighting enhancements, slab repairs and a potential roof raise. The project is expected to be completed in 2026 and is projected to have a total investment of around $40.2 million. The estimated stabilized cap rate is 5.5%.
Apart from the latest acquisition, Terreno has recently announced the purchase of an industrial property in Santa Ana, CA, for around $49.5 million. The transaction marks an estimated stabilized cap rate of 5.7%. The acquired property is located at 3500 West MacArthur Boulevard, comprising one industrial distribution building containing roughly 134,000 square feet on 12.1 acres of industrial-zoned land. It is 100% leased to a major home improvement retailer and is operational as a retail location. Also, prior to that, TRNO acquired an industrial property in Long Island City, Queens, NY, for $16 million.
TRNO follows a disciplined capital-recycling strategy. In early June 2025, the company acquired an industrial property in Los Angeles, CA, for around $10 million. In May 2025, it sold two properties at an aggregate sale value of around $114.5 million.
Final Take on TRNO
With such expansion efforts, Terreno Realty is well-poised to enhance its portfolio in six major coastal U.S. markets, namely New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle and Washington, D.C. These markets display solid demographic trends and witness healthy demand for industrial real estate. However, macroeconomic uncertainty and tariff issues remain major concerns now.
Shares of this Zacks Rank #4 (Sell) company have declined 2.3% in the past three months against the industry’s rise of 1.3%.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the broader REIT sector are VICI Properties (VICI - Free Report) and W.P. Carey (WPC - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for VICI Properties’ 2025 FFO per share is pegged at $2.35, indicating year-over-year growth of 4%.
The Zacks Consensus Estimate for W.P. Carey’s 2025 FFO per share stands at $4.88, implying an increase of 3.8% from the year-ago reported figure.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.