Presently, Terreno Realty is in the process of renovating the building. The major changes in the existing manufacturing facility include new loading positions, roof and lighting along with renovation of the offices and a new truck court.

Terreno Realty recently acquired an industrial property in Hayward, California, for approximately $7.6 million. The strategic move on the company’s part is aimed at enhancing the quality of its portfolio.

San Francisco-based Terreno Realty owns and operates industrial real estate properties primarily in six major coastal markets of the U.S. These include the high barrier-to-entry markets of Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington D.C./Baltimore.

Each of the locations where Terreno Realty has a significant presence is characterized by a well-established transportation network – seaports, airports, highways and railways that are essential for the swift distribution of goods. In addition, available land in these markets is scarce, resulting in steep barriers for the development of new and competing properties.

Terreno Realty currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, DCT Industrial Trust Inc (DCT) has a Zacks #2 Rank, which translates into a short-term Buy rating.

Read the full analyst report on TCO

Read the full analyst report on DCT

Article source: http://www.zacks.com/stock/news/67084/Terreno+Realty+Leases+in+Florida+

SAN FRANCISCO, Dec 16, 2011 (BUSINESS WIRE) –
Terreno Realty Corporation


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+0.98%



acquired an industrial
property located in Hayward, California on December 15, 2011 for a
purchase price of approximately $7.6 million.

The property consists of one trans-shipment industrial building
containing approximately 34,000 square feet on approximately 10.2 acres.
The 66 door truck terminal is adjacent to California Route 92 which
traverses the San Mateo Bridge, convenient to Interstate 880 and is 100%
leased to one tenant. The estimated stabilized cap rate of the property
is 7.4%.

Estimated stabilized cap rates are calculated as annualized cash basis
net operating income stabilized to market occupancy (generally 95%)
divided by total acquisition cost. Total acquisition cost includes the
initial purchase price, the effects of marking assumed debt to market,
buyer’s due diligence and closing costs, estimated near-term capital
expenditures and leasing costs necessary to achieve stabilization.

Terreno Realty Corporation is an acquirer, owner and operator of
industrial real estate located in six major coastal U.S. markets: Los
Angeles; Northern New Jersey/New York City; San Francisco Bay Area;
Seattle; Miami; and Washington, D.C./Baltimore.

Additional information about Terreno Realty Corporation is available on
the company’s web site at
www.terreno.com .

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the federal securities laws. We caution investors that
forward-looking statements are based on management’s beliefs and on
assumptions made by, and information currently available to, management.
When used, the words “anticipate”, “believe”, “estimate”, “expect”,
“intend”, “may”, “might”, “plan”, “project”, “result”, “should”, “will”,
and similar expressions which do not relate solely to historical matters
are intended to identify forward-looking statements. These statements
are subject to risks, uncertainties, and assumptions and are not
guarantees of future performance, which may be affected by known and
unknown risks, trends, uncertainties, and factors that are beyond our
control, including risks related to our ability to meet our estimated
forecasts related to stabilized cap rates and those risk factors
contained in our Annual Report on Form 10-K for the year ended December
31, 2010 and our other public filings. Should one or more of these risks
or uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those anticipated,
estimated, or projected. We expressly disclaim any responsibility to
update our forward-looking statements, whether as a result of new
information, future events, or otherwise.

SOURCE: Terreno Realty Corporation

        Terreno Realty Corporation
        W. Blake Baird
        Michael A. Coke, 415-655-4580

Copyright Business Wire 2011

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Article source: http://www.marketwatch.com/story/terreno-realty-corporation-acquires-building-in-hayward-for-76-million-2011-12-16