Terreno Realty Corporation has finalized a significant acquisition of industrial properties, investing $194.3 million in Kearny, New Jersey, and Doral, Florida. This latest transaction is part of a larger multi-market portfolio purchase that totals $426.9 million, underscoring the company’s strategic expansion in key coastal markets.
Key Takeaways
- Terreno Realty Corporation acquired three industrial distribution buildings totaling approximately 509,000 square feet.
- The properties are situated on 27.6 acres and are currently occupied by five tenants at about 36% capacity.
- This acquisition represents the final component of a broader $426.9 million multi-market portfolio.
Strategic Investment in Industrial Real Estate
The Bellevue, Washington-based real estate investment trust announced the completion of its latest acquisitions, which include valuable industrial distribution assets. The combined purchase price for the New Jersey and Florida properties reached $194.3 million. These newly acquired buildings span roughly 509,000 square feet across 27.6 acres.
Currently, the properties house five tenants, with an occupancy rate of approximately 36%. This investment is a crucial part of a larger, multi-market portfolio acquisition by Terreno Realty Corporation, which amounts to approximately 1.2 million square feet in total.
Terreno Realty’s Market Focus
Terreno Realty Corporation specializes in acquiring, owning, and operating industrial real estate. The company strategically focuses on six major coastal markets across the United States. These key areas include:
- New York City/Northern New Jersey
- Los Angeles
- Miami
- San Francisco Bay Area
- Seattle
- Washington, D.C.
This targeted approach allows Terreno Realty to capitalize on high-demand logistics and distribution hubs, reinforcing its position in the industrial real estate sector.