Terreno Realty Stock Rises On Acquisition Of Industrial Property In New York: Retail Sentiment Hits Year-High Mark

The property, which comprises one industrial transshipment building containing approximately 33,000 square feet on 2.6 acres, provides 40 dock-high and four grade-level loading positions, 50 additional trailer positions, and parking for 31 cars.

Shares of Terreno Realty Corp (TRNO) rose over 1% on Tuesday after the firm announced the acquisition of an industrial property located in Maspeth Queens, New York, for approximately $50.1 million.

The property, which comprises one industrial transshipment building containing approximately 33,000 square feet on 2.6 acres, provides 40 dock-high and four grade-level loading positions, 50 additional trailer positions, and parking for 31 cars.

Terreno Realty Corporation acquires, owns, and operates industrial real estate in major coastal U.S. markets, including New York City or Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C.

The company recently acquired Terreno Doral Air Logistics, an industrial property located in Doral, Florida, for approximately $195.6 million. This property comprises three 36-foot clear-height rear-load industrial distribution buildings containing approximately 495,000 square feet on 23.4 acres.

Following the disclosures, retail sentiment on Stocktwits jumped into the ‘extremely bullish’ territory (97/100) from ‘neutral’ a week ago, hitting a one-year high. The move was accompanied by a high message volume.

Last week, the firm announced that it had completed the redevelopment of its 2.8-acre improved land parcel in Rancho Dominguez, California, and leased 100% of the property on a short-term basis.

Meanwhile, shares of Terreno Realty have not performed well this year, losing over 5% year-to-date. The stock has underperformed the Vanguard Real Estate Index Fund ETF (VNQ), which lost about 0.07% in the same period.

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