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Terreno Realty (TRNO) Executes Lease for Oakland Property
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Terreno Realty Corporation (TRNO - Free Report) has been witnessing a decent demand for its properties from both existing and new tenants. Recently, the company announced execution of a full-building lease in Oakland, CA. The lease for 93,000-square-foot of space, which has been carried out with a lithium extraction technology and services company, started on Mar 31, and is slated to expire on May 31, 2023.
Moreover, in March, the company announced that it has executed a lease for a 5.4-acre improved land parcel in Carson, CA. The lease has been carried out with a national ground delivery company. In fact, as of Dec 31, 2019, the company’s operating portfolio was 96.8% leased to 493 tenants. Cash rents on new and renewed leases, aggregating 2.4 million square feet, and beginning in 2019, increased 17.3%, reflecting the solid demand for its properties.
Admittedly, amid e-commerce boom and supply-chain strategy transformations, demand for industrial real estate remains robust. Although the overall impact from the coronavirus pandemic is still spreading further, warehouse operations have become more essential, with quarantines resulting in more e-commerce customers. This opens up prospects for Terreno Realty and other industrial REITs like Duke Realty Corp. , Prologis (PLD - Free Report) and Rexford Industrial Realty, Inc. (REXR - Free Report) .
Terreno Realty is focusing on fortifying its portfolio in six major port cities — Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, DC. This is because these regions are witnessing solid demographic trends and healthy demand for industrial real estates.
Furthermore, the company is aiming for growth on the back of acquisitions. It intends to acquire properties at in-fill locations with high-population densities, located near high volume-distribution points.
In 2019, Terreno Realty acquired 13 industrial properties, and four improved land parcels for an aggregate price of $273.6 million. Also, in March, the company announced that it has acquired an industrial property in San Jose, CA, for $11.8 million. The land is an improved parcel spanning 2.7 acres and is near to the US Highway 101. Such efforts will help the company benefit over the long term.
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Terreno Realty (TRNO) Executes Lease for Oakland Property
Terreno Realty Corporation (TRNO - Free Report) has been witnessing a decent demand for its properties from both existing and new tenants. Recently, the company announced execution of a full-building lease in Oakland, CA. The lease for 93,000-square-foot of space, which has been carried out with a lithium extraction technology and services company, started on Mar 31, and is slated to expire on May 31, 2023.
Moreover, in March, the company announced that it has executed a lease for a 5.4-acre improved land parcel in Carson, CA. The lease has been carried out with a national ground delivery company. In fact, as of Dec 31, 2019, the company’s operating portfolio was 96.8% leased to 493 tenants. Cash rents on new and renewed leases, aggregating 2.4 million square feet, and beginning in 2019, increased 17.3%, reflecting the solid demand for its properties.
Admittedly, amid e-commerce boom and supply-chain strategy transformations, demand for industrial real estate remains robust. Although the overall impact from the coronavirus pandemic is still spreading further, warehouse operations have become more essential, with quarantines resulting in more e-commerce customers. This opens up prospects for Terreno Realty and other industrial REITs like Duke Realty Corp. , Prologis (PLD - Free Report) and Rexford Industrial Realty, Inc. (REXR - Free Report) .
Terreno Realty is focusing on fortifying its portfolio in six major port cities — Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, DC. This is because these regions are witnessing solid demographic trends and healthy demand for industrial real estates.
Furthermore, the company is aiming for growth on the back of acquisitions. It intends to acquire properties at in-fill locations with high-population densities, located near high volume-distribution points.
In 2019, Terreno Realty acquired 13 industrial properties, and four improved land parcels for an aggregate price of $273.6 million. Also, in March, the company announced that it has acquired an industrial property in San Jose, CA, for $11.8 million. The land is an improved parcel spanning 2.7 acres and is near to the US Highway 101. Such efforts will help the company benefit over the long term.
Nevertheless, reflecting the impact from the virus outbreak on the broader market, shares of this Zacks Rank #3 (Hold) company have declined 12.3% so far in the year, narrower than its industry’s fall of 25.2%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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