Terreno Realty Corporation Announces Completion of Redevelopment in Rancho Dominguez, CA
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) ha completato la riqualificazione di un lotto di terreno migliorato di 2,8 acri a Rancho Dominguez, California. La proprietà, situata in 14805 S. Maple Avenue, era in precedenza un edificio di 51.000 piedi quadrati ed è strategicamente posizionata tra l'Aeroporto Internazionale di Los Angeles e i Porti di Los Angeles e Long Beach. Il costo totale della riqualificazione è di $28.3 milioni.
La proprietà è stata interamente affittata a un fornitore di trasporti e transloading per un periodo a breve termine di 18 mesi. Il tasso di capitalizzazione stabilizzato della proprietà riqualificata è di circa 2.3%. Il sito è adiacente ad altri due lotti di terreno migliorati di Terreno Realty su S. Maple Avenue.
Terreno Realty (NYSE:TRNO) ha completado la reurbanización de un terreno mejorado de 2.8 acres en Rancho Dominguez, California. La propiedad, ubicada en 14805 S. Maple Avenue, era anteriormente un edificio de 51,000 pies cuadrados y está estratégicamente situada entre el Aeropuerto Internacional de Los Ángeles y los Puertos de Los Ángeles y Long Beach. El costo total de la reurbanización asciende a $28.3 millones.
La propiedad ha sido completamente arrendada a un proveedor de transporte y transbordo por un período a corto plazo de 18 meses. La tasa de capitalización estabilizada de la propiedad reurbanizada es aproximadamente 2.3%. El sitio está adyacente a otros dos terrenos mejorados de Terreno Realty en S. Maple Avenue.
테레노 리얼티 (NYSE:TRNO)는 캘리포니아의 랜초 도밍게즈에 있는 2.8 에이커의 개선된 토지 parcel의 재개발을 완료했습니다. 14805 S. 메이플 애비뉴에 위치한 이 부동산은 이전에 51,000 평방 피트의 건물로, 로스앤젤레스 국제공항과 로스앤젤레스 및 롱비치 항구 사이에 전략적으로 위치해 있습니다. 재개발 비용은 총 $28.3 백만 달러입니다.
이 부동산은 18개월의 단기 계약으로 화물 운송 및 재하역 제공업체에 완전히 임대되었습니다. 재개발된 부동산의 안정화된 자본화율은 약 2.3%입니다. 이 사이트는 S. 메이플 애비뉴에 있는 다른 두 개의 테레노 리얼티 개선된 토지 parcel에 인접해 있습니다.
Terreno Realty (NYSE:TRNO) a achevé la réhabilitation d'un terrain amélioré de 2,8 acres à Rancho Dominguez, en Californie. La propriété, située au 14805 S. Maple Avenue, était auparavant un bâtiment de 51 000 pieds carrés et est stratégiquement située entre l'aéroport international de Los Angeles et les ports de Los Angeles et de Long Beach. Le coût total de la réhabilitation s'élève à 28,3 millions de dollars.
La propriété a été entièrement louée à un fournisseur de transport et de transbordement pour une durée à court terme de 18 mois. Le taux de capitalisation stabilisé de la propriété réhabilitée est d'environ 2,3%. Le site est adjacent à deux autres terrains améliorés de Terreno Realty sur S. Maple Avenue.
Terreno Realty (NYSE:TRNO) hat die Entwicklung eines 2,8 Acres großen, verbesserten Grundstücks in Rancho Dominguez, Kalifornien, abgeschlossen. Die Immobilie, gelegen in der 14805 S. Maple Avenue, war zuvor ein 51.000 Quadratfuß großes Gebäude und ist strategisch zwischen dem internationalen Flughafen Los Angeles und den Häfen von Los Angeles und Long Beach positioniert. Die Gesamtkosten der Neuentwicklung belaufen sich auf 28,3 Millionen US-Dollar.
Die Immobilie wurde vollständig für einen kurzfristigen Zeitraum von 18 Monaten an einen Anbieter von Transport- und Umladungsdiensten vermietet. Die stabilisierte Kapitalisierungsrate der neu entwickelten Immobilie beträgt etwa 2,3%. Das Grundstück grenzt an zwei weitere verbesserte Grundstücke von Terreno Realty in der S. Maple Avenue.
- 100% occupancy achieved immediately after redevelopment
- Strategic location between major transportation hubs (LAX and LA/LB Ports)
- Adjacent to existing Terreno properties, allowing operational synergies
- Short-term lease duration of only 18 months indicates potential future vacancy risk
- Low stabilized cap rate of 2.3% suggests minimal immediate return on investment
Insights
The completion of this
The transformation from a 51,000 sq ft building to an improved land parcel demonstrates TRNO's tactical shift toward supporting container storage and trucking operations, which are in high demand due to ongoing supply chain pressures in the LA ports area. However, the short lease duration could expose TRNO to market volatility when seeking renewal or replacement tenants.
The strategic value of this property lies in its prime location within LA's logistics corridor. The site's conversion to an improved land parcel caters to the critical need for container storage and transloading facilities near major ports. The current tenant's trucking and transloading operations align perfectly with market demands, though the 18-month lease term reflects the dynamic nature of port-related logistics requirements.
While the immediate yield appears modest, the property's proximity to two major transportation hubs provides significant operational advantages for logistics providers, potentially commanding premium rates in future lease negotiations. The flexibility of an improved land parcel versus a fixed structure also allows for adaptation to evolving supply chain needs.
The redeveloped property, an improved land parcel on the site of a former 51,000 square-foot building at 14805 S. Maple Avenue, is adjacent to two Terreno Realty Corporation improved land parcels on S. Maple Avenue and between
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal
Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “result,” “should,” “will,” “seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,” “potential,” “enthusiastic,” “future” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241217117384/en/
Jaime Cannon
415-655-4580
Source: Terreno Realty Corporation
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