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, operating and capital markets activity for the third quarter of 2013.
During the third quarter of 2013, Terreno Realty Corporation acquired three industrial properties consisting of five buildings containing approximately 250,000 square feet for an aggregate purchase price of approximately $37.8 million as follows:
- 17 Madison. One approximately 31,000 square foot industrial building in Fairfield, New Jersey adjacent to Highway 46 and Interstate 80. This building was 100% leased to one tenant at acquisition and was acquired for a purchase price of approximately $2.8 million;
- 550 Delancy. One trans-shipment industrial building totaling approximately 52,000 square feet on 9.4 acres in Newark, New Jersey. This property provides 101 dock high loading positions and is located adjacent to the intersection of the New Jersey Turnpike, Interstate 78 and Routes 1 and 9. This building was 100% leased upon acquisition to one tenant and was acquired for a purchase price of approximately $15.0 million; and
- Melanie Lane. Three buildings totaling approximately 167,000 square feet in East Hanover, New Jersey that were acquired for a purchase price of approximately $20.0 million. These buildings are adjacent to Highway 10 and near the intersection of Interstates 80, 280 and 287 and were approximately 94% leased to 34 tenants as of October 1, 2013.
OperationsAs of September 30, 2013, Terreno Realty Corporation owned a total of 85 buildings aggregating approximately 6.3 million square feet, which were approximately 88.6% leased to 172 tenants. The leased percentage was 89.1% at June 30, 2013 and 92.6% at September 30, 2012. Subsequent to September 30, 2013, Terreno Realty Corporation executed two leases totaling approximately 139,320 square feet that commence in the fourth quarter of 2013. These leases would have the effect of increasing the leased percentage of Terreno Realty Corporation’s portfolio as of September 30, 2013 by approximately 2.2%.