Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today its quarterly investment and operating activity for the second quarter of 2013.
During the second quarter of 2013, Terreno Realty Corporation acquired five industrial properties consisting of eleven buildings containing approximately 869,000 square feet for an aggregate purchase price of approximately $61.6 million as follows:
- 240 Littlefield. One approximately 85,000 square foot industrial building in South San Francisco, California that will be substantially renovated by removing approximately 17,000 square feet of building and adding 10 dock high loading positions, creating a 68,000 square foot rear load distribution facility. This property was acquired vacant for a purchase price of approximately $8.4 million.
- 101 st Road. One approximately 52,500 square foot industrial building and an adjacent improved 2.28 acre lot in Medley, Florida located adjacent to Miami-Dade County’s Flagler Station Business Park that was acquired for a purchase price of approximately $6.0 million. The building was acquired vacant and was 100% leased shortly after acquisition to a logistics company. The lease commences in August 2013. The improved lot is 100% leased to a leading provider of ground small-package delivery services.
- Americas Gateway. Six industrial buildings totaling approximately 307,000 square feet in Doral, Florida located within Miami-Dade County’s Airport West submarket. These buildings were 70% leased upon acquisition to 15 tenants and were acquired for a purchase price of approximately $23.7 million.
- Route 100. Two buildings totaling approximately 348,500 square feet in Elkridge, Maryland that were acquired for a purchase price of approximately $16.7 million. The buildings are adjacent to I-95, US Route 1 and Maryland Route 100 in the Baltimore/Washington Corridor and were 64% leased to seven tenants at acquisition.
- 1 Dodge Drive. One approximately 93,000 square foot industrial building located in West Caldwell, New Jersey. This 100% leased building is near the intersection of I-80, I-280 and US Route 46 and was acquired for a purchase price of approximately $6.8 million.
OperationsAs of June 30, 2013, Terreno Realty Corporation owned a total of 80 buildings aggregating approximately 6.1 million square feet, which were approximately 89.1% leased to 139 tenants. The leased percentage was reduced by an amount equating to approximately 5.5% of Terreno Realty Corporation’s total square feet as of June 30, 2013 due to approximately 333,000 square feet of vacant space acquired during the quarter. The leased percentage was 93.3% at March 31, 2013 and 91.3% at June 30, 2012.