FUR Winthrop Realty Trust New (delisted)

Terreno Realty Corporation (TRNO), a real estate investment trust (REIT), has recently acquired an industrial property in Hayward, California, for approximately $7.6 million. The acquisition is part of the long-term strategy of the company to desist from pursuing ground-up development or land investments, and instead own functional and flexible buildings in infill locations that can be modified to accommodate single and multiple tenants at discounts to replacement cost.

The acquired property includes a trans-shipment industrial building spanning 34,000 square feet of space spread over 10.2 acres. The building, presently 100% leased to a single tenant, is strategically located adjacent to California Route 92 – an east-west highway in the San Francisco Bay area traversing the San Mateo Bridge.

The estimated stabilized cap rate of the asset is 7.4%. Total acquisition cost of the property included the initial purchase price, the effects of marking assumed debt to market, due diligence and closing costs, estimated near-term capital expenditures, and leasing costs necessary to achieve stabilization.

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 in which 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.

We have a ‘Neutral’ rating on Terreno Realty, which presently has a Zacks #3 Rank translating into a short-term ‘Hold’ rating. We also have a ‘Neutral’ recommendation and a Zacks #3 Rank (short-term ‘Hold’) for Winthrop Realty Trust (FUR), one of the peers of Terreno Realty.

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