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 fourth quarter of 2013.
During the fourth quarter of 2013, Terreno Realty Corporation acquired eight industrial properties consisting of 12 buildings containing approximately 680,000 square feet and one parcel of land for expanding an existing building for an aggregate purchase price of approximately $99.6 million. During 2013, Terreno Realty Corporation acquired 18 industrial properties consisting of 30 buildings containing approximately 1.9 million square feet and one parcel of land for expanding an existing building for an aggregate purchase price of approximately $210.5 million. The fourth quarter acquisition activity was as follows:
- Michelle/Meadow. Two industrial buildings totaling approximately 90,000 square feet in Carlstadt, New Jersey located in the central Meadowlands submarket adjacent to Highways 3 and 17 and near Exit 16W of the New Jersey Turnpike. These buildings were 97% leased to three tenants at acquisition and were acquired for a purchase price of approximately $9.9 million;
- 60/70 Ethel. Two rear-load industrial buildings totaling approximately 105,000 square feet in Piscataway, New Jersey. This property is located within two miles of I-287 and approximately five miles of Exit 10 of the New Jersey Turnpike. These buildings were 76% leased at acquisition to nine tenants and were acquired for a purchase price of approximately $7.0 million;
- 8215 Dorsey. One industrial building totaling approximately 88,500 square feet in Jessup, Maryland that was acquired for a purchase price of approximately $6.0 million. This building is adjacent to Highway 1 and Route 32 in the central Baltimore/Washington Corridor and was 100% leased to one tenant at acquisition;
- 4230 Forbes. One rear-load industrial building totaling approximately 56,000 square feet in Lanham, Maryland. This property is located adjacent to US Route 50 and approximately 1.5 miles from the Capital Beltway/I-95 and within six miles of Washington, D.C. This building was 100% leased at acquisition to six tenants and was acquired for a purchase price of approximately $5.6 million;
- 14611 Broadway. One industrial building totaling approximately 40,000 square feet on approximately 4.5 acres in Gardena, California that was acquired for a purchase price of approximately $6.0 million. This building is approximately equidistant from the Ports of LA/Long Beach and Los Angeles International Airport. Upon expiration of an existing short term lease in April 2014, Terreno intends to expand and renovate the building, including adding approximately 4,000 square feet of covered loading with 18 additional dock-high positions;
- 3601 Pennsy. One industrial building totaling approximately 71,500 square feet in Landover, Maryland. This property is located adjacent to the intersection of US Route 50 and I-95/495 and is approximately four miles from Washington, D.C. This building was 100% leased upon acquisition to one tenant and was acquired for a purchase price of approximately $7.0 million;
- JFK Airgate. Four buildings totaling approximately 229,000 square feet and an adjacent 0.2 acre land parcel in Queens, New York that were acquired for a purchase price of approximately $53.1 million. These buildings are located approximately one-half mile from John F. Kennedy International airport adjacent to Rockaway Boulevard, the Belt Parkway and the Van Wyck Expressway. These buildings were 99% leased to 18 tenants at acquisition; and
- Interstate 130 Expansion Land. One 10.15 acre undeveloped land parcel in South Brunswick, New Jersey located adjacent to Terreno Realty Corporation’s existing 413,000 square foot facility at 130 Interstate Boulevard within the New Jersey Turnpike Exit 8A submarket. The undeveloped land parcel was acquired for a purchase price of approximately $5.0 million and Terreno Realty Corporation expects to construct an approximately 190,000 square foot expansion to the existing facility creating a 603,000 square foot multi-tenant distribution building.
DispositionDuring the fourth quarter of 2013, Terreno Realty Corporation sold one industrial property located in Totowa, New Jersey for a sale price of approximately $19.0 million. This property was acquired by Terreno Realty Corporation for approximately $16.5 million in September 2010.
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