Terreno Realty Corporation Acquires Portfolio In New York City, Northern New Jersey, San Francisco And Los Angeles For ~$365M
Portfolio Pulse from Benzinga Newsdesk
Terreno Realty Corporation (NYSE:TRNO) has expanded its industrial real estate portfolio by acquiring 28 buildings across New York City, Northern New Jersey, San Francisco Bay Area, and Los Angeles for approximately $364.5 million. The properties, totaling about 1.2 million square feet, are 91.6% leased to 70 tenants. The acquisition, advised by Goldman Sachs & Co. LLC, showcases in-place and estimated stabilized cap rates of 4.3%, 5.0%, and 5.8% respectively, reflecting the portfolio's income potential and adjustment to current market rents.
May 02, 2024 | 9:48 pm
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Terreno Realty Corporation acquires a significant industrial real estate portfolio for $364.5M, enhancing its presence in key U.S. coastal markets with a 91.6% leased rate to 70 tenants.
The acquisition of a substantial portfolio in strategic locations with a high leasing percentage and favorable cap rates indicates a positive outlook for TRNO's asset value and income potential. This move is likely to be viewed positively by investors, reflecting growth and strategic asset enhancement.
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