TRNO News & Events

Terreno Realty sold an industrial property located in Lanham, Maryland on March 6 for a sale price of approximately $11.1M. The property consists of a 56,000 square foot light industrial building on 4.5 acres which is 100% leased. The property was purchased by Terreno Realty Corporation on December 11, 2013 for $5.6M. The unleveraged internal rate of return generated by the investment was 10.8%.

Terreno Realty announced that it has executed an early lease renewal for a 2.8-acre improved land parcel in Gardena, California with a provider of container drayage services. The lease, which was to expire in May, will now expire August 2029. In addition, the tenant has leased an immediately adjacent 2.3-acre improved land parcel which will commence April 1, upon termination of an existing tenant lease and will expire August 2029.

Terreno Realty announced that it has executed three full-building leases totaling 145,000 square feet in Redondo Beach, California with a domestic energy company. The leases commence March 1 for 45,000 square feet, June 1 for 51,000 square feet and March 1, 2027 for 49,000 square feet, all immediately upon expiration or termination of existing leases. The three leases will expire December 2031. To facilitate the new leases, Terreno Realty Corporation terminated effective February 28 an in-place lease for 45,000 square feet that was to expire April 30.

Terreno Realty acquired an industrial property located in the Bronx, New York on February 20 for a purchase price of approximately $9.8M. The property consists of an industrial distribution building containing approximately 38,000 square feet on 0.9 acres. The property is at 175 Canal Street West, immediately adjacent to the Major Deegan Expressway and between the Third Avenue and Madison Avenue bridges. The property is 100% leased for one year. At lease expiration Terreno Realty Corporation will demolish a portion of the building and construct improvements to improve functionality. After renovation the building is expected to contain approximately 29,000 square feet with seven grade-level loading positions and off-street parking. The total expected investment is $12.2M and the estimated stabilized cap rate is 5.3% initially and 6.1% after renovation.