Terreno Inks Lease Renewal Deal - Analyst Blog
March 08 2013 - 6:30AM
Zacks
San Francisco-based Terreno
Realty Corporation (TRNO) recently
announced the inking of a lease renewal deal with an existing
tenant, which is one of the leading independent foodservice
distributors in the U.S. This industrial real estate investment
trust (REIT) entered into a 10-years deal for an entire space
(98,745 square feet) at an industrial property in Savage, Md.
The lease renewal transaction is expected to augment Terreno
Realty’s strong tenant base and boost its relationship with
existing tenants. Moreover, it will likely prove accretive to the
earnings going forward and improve the company’s top line.
Terreno Realty owns and operates industrial real estate properties
primarily in 6 major coastal markets of the U.S. These include the
high barriers-to-entry markets of Los Angeles, Northern New Jersey,
San Francisco Bay Area, Seattle, Miami and Washington D.C. Lately,
Terreno Realty has been active on capitalizing on opportunities to
strengthen its foothold in these areas.
Recently, Terreno Realty purchased an industrial property in
Medley, Fla. for roughly $5.1 million. The acquired property
comprises 1 industrial building that spans 49,000 square feet
across 5.4 acres. It also represents the company’s 10th building in
Miami-Dade County and is fully leased to a single tenant.
Also, earlier this week, Terreno Realty signed a lease extension
and expansion deal with an existing tenant for an industrial
property in Commerce, Calif. As per the deal, the tenant company
will extend the lease period for its currently occupied space of
65,000 square feet for 26 months. In addition, it also plans to
occupy an additional adjacent space of 51,000 square feet at the
industrial property. The expiration date for the combined leased
space of 116,000 square feet is Mar 31, 2018.
Terreno Realty currently holds a Zacks Rank #3 (Hold). However, a
number of other REITs that are performing better and worth a look
are Omega Healthcare Investors Inc.
(OHI), Ryman Hospitality
Properties Inc. (RHP), Sabra
Health Care REIT Inc. (SBRA), all
carrying a Zacks Rank #1 (Strong Buy).
OMEGA HLTHCARE (OHI): Free Stock Analysis Report
RYMAN HOSPITLTY (RHP): Free Stock Analysis Report
SABRA HEALTHCR (SBRA): Free Stock Analysis Report
TERRENO REALTY (TRNO): Free Stock Analysis Report
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