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.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100