Industrial real estate investment trust (“REIT”), Terreno Realty Corporation TRNO announced acquiring an industrial property located in Inglewood, CA on Sep 19. The property, comprising around 22,000 square feet on 0.9 acres, was purchased at a price of around $5.2 million.
Located at 709 Hindry Avenue, the property includes one grade-level and eight dock-high loading positions, parking facility for 33 cars. 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, is located in close proximity with the Interstate 405 and is near to the Los Angeles International Airport. The estimated stabilized cap rate of the property is 3.5%.
The 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 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, Arbor Realty Trust Inc. ABR and CareTrust REIT, Inc. CTRE. 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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