Terreno Realty Corporation TRNO announced a full-property lease for a redevelopment property in Long Island City, Queens, NY, at a stabilized cap rate of approximately 5.7%. The move highlights its effort to enhance its property quality to meet tenants’ growing demand.<\/p>\n
The redeveloped property with one industrial distribution building spans around 48,000 square feet on 2.2 acres of land. The property is equipped with 10 dock-high and 14 grade-level loading positions with a total investment of $35.8 million. The redeveloped property is fully leased to a contractor and rigging provider commencing December 2025 and expiring August 2036.<\/p>\n
Located at 49-10 27th Street, adjacent to the entrance to the Queens-Midtown Tunnel, the redeveloped property offers the much-needed advantages of ease of connectivity.<\/p>\n
Terreno Realty\u2019s redevelopments are an integral part of its ongoing efforts to optimize its portfolio and enhance its financial performance. This month, the company announced that it has executed a lease for 117,000 square feet in Doral, FL, with an international freight forwarder and provider of customs brokerage, warehousing and inland transportation.<\/p>\n
Moreover, the company remains focused on expanding its asset base in the six major coastal U.S. markets \u2014 New York City\/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, DC \u2014 as demand for industrial real estate space remains buoyant.<\/p>\n
With a solid operating platform, a healthy balance sheet position and prudent capital management practices, TRNO seems well-positioned to capitalize on long-term growth opportunities.<\/p>\n
Shares of the company have risen 3.8% over the past three months against the industry\u2019s fall of 2.4%. TRNO carries a Zacks Rank #2 (Buy) at present.<\/p>\n
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Zacks Investment Research <\/p>\n
Image Source: Zacks Investment Research<\/p>\n
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Some other top-ranked stocks from the broader REIT sector are Crown Castle CCI and Lamar Advertising LAMR, each carrying a Zacks Rank #2 at present. You can see the complete list of today\u2019s Zacks #1 Rank (Strong Buy) stocks here.<\/p>\n
The Zacks Consensus Estimate for CCI\u2019s 2025 FFO per share has been moved two cents northward over the past two months to $4.30.<\/p>\n
The consensus estimate for LAMR\u2019s 2025 FFO per share has been revised a cent upward to $8.19 over the past week.<\/p>\n
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.<\/p>\n