Terreno Realty Corporation - TRNO STOCK NEWS

Terreno Realty (NYSE:TRNO) has sold an industrial property in Union City, California for $16.9 million on January 7, 2025. The property, which includes a 66,000-square-foot industrial distribution building on 3.0 acres, was originally purchased by the company on March 26, 2015, for $7.4 million. The investment generated an unleveraged internal rate of return of 13.0%.

The property was vacant at the time of sale. Terreno Realty operates in six major coastal U.S. markets, including New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C.

Terreno Realty (NYSE:TRNO) reported strong Q4 2024 performance with quarter-end occupancy reaching 97.4%, up from 97.0% in Q3. The company achieved a significant 26.7% increase in cash rents on new and renewed leases during Q4, and a 36.5% increase for the full year 2024.

Notable Q4 activities include $409.6 million in acquisitions of four industrial properties totaling 857,000 square feet, and the sale of three properties for $63.4 million. For the full year 2024, acquisitions totaled $884.5 million. The company commenced one new development project with an expected investment of $55.9 million and completed three development projects with a total investment of $86.0 million.

The company's portfolio now includes 299 buildings totaling 19.3 million square feet and 47 improved land parcels across six major coastal U.S. markets. Same-store occupancy improved to 98.3% from 97.3% in Q3.

Terreno Realty (NYSE:TRNO) has acquired an industrial property in Maspeth Queens, New York for $50.1 million. The property includes a 33,000-square-foot industrial transshipment building on 2.6 acres. Located at 49-15 Maspeth Avenue, near major highways I-278 and I-495, the facility features 40 dock-high and 4 grade-level loading positions, 50 trailer positions, and parking for 31 cars.

The property is fully leased to a plumbing, heating, HVAC and industrial products distributor, with an estimated stabilized cap rate of 4.5%. This acquisition aligns with Terreno's strategy of owning industrial real estate in six major coastal U.S. markets.

Terreno Realty (NYSE:TRNO) has acquired Terreno Doral Air Logistics, an industrial property in Doral, Florida for $195.6 million. The property features three 36-foot clear height rear-load industrial distribution buildings spanning approximately 495,000 square feet on 23.4 acres. Located at 7725-7785 NW 41st Street, the facility is strategically positioned near major transportation routes, including the Palmetto Expressway and Miami International Airport.

The property includes 110 dock-high and six grade-level loading positions, with parking for 528 cars (including 11 EV charging positions). Currently 76% leased to six tenants, the property has an estimated stabilized cap rate of 4.6%.

Terreno Realty (NYSE:TRNO) has completed the redevelopment of a 2.8-acre improved land parcel in Rancho Dominguez, California. The property, located at 14805 S. Maple Avenue, was formerly a 51,000 square-foot building and is strategically positioned between Los Angeles International Airport and the Ports of Los Angeles and Long Beach. The total redevelopment cost amounts to $28.3 million.

The property has been fully leased to a trucking and transloading provider on an 18-month short-term basis. The redeveloped property's stabilized cap rate is approximately 2.3%. The site is adjacent to two other Terreno Realty improved land parcels on S. Maple Avenue.

Terreno Realty (NYSE:TRNO) has pre-leased 50% of its Countyline Corporate Park Phase IV Building 32 in Hialeah, Florida. The ten-year lease covers 82,000 square feet to an aircraft engine maintenance provider, starting June 2025. The 164,000-square-foot building is part of a larger 121-acre development project with a total expected investment of $41.9 million and an estimated 6.0% cap rate.

The complete Countyline Corporate Park Phase IV project will feature ten LEED-certified industrial buildings totaling 2.2 million square feet, with a total investment of approximately $511.5 million, expected to complete in 2027. Combined with Phase III, the development will encompass 17 buildings totaling 3.5 million square feet.

Terreno Realty (NYSE:TRNO) has acquired an industrial property in Red Hook, Brooklyn, New York for $156.3 million. The transaction includes assuming a $72.9 million loan at 3.85% interest, maturing in March 2028. The property features a 36-foot clear height industrial distribution building with 312,000 leasable square feet on 16 acres. Located at 280 Richards Street, the facility includes five dock-high and five grade-level loading positions, 349 parking spaces (179 rooftop), and riparian access. The property is fully leased to a leading e-commerce firm with an estimated stabilized cap rate of 4.8%.

Terreno Realty (NYSE:TRNO) has sold an industrial property in Newark, New Jersey for $29.8 million on December 10, 2024. The property, consisting of a 5.7-acre improved land parcel with 100% occupancy by a single tenant, was originally purchased in June 2017 for $8.8 million. The investment generated an unleveraged internal rate of return of 14.9%. Terreno operates in six major coastal U.S. markets, including New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C.

Terreno Realty (NYSE:TRNO) has acquired an industrial property in Long Island City Queens, New York for $7.6 million. The property features a 17,000-square-foot industrial distribution building situated on 0.4 acres at 48-29 31st Place. Located adjacent to I-495 and approximately one mile from the Queens Midtown Tunnel, the facility includes one dock-high, one van-level, and one grade-level loading positions, along with parking for seven cars. The property is currently vacant with an estimated stabilized cap rate of 5.7%.