TRNO News & Events

Terreno Realty announced that it has executed three full-building leases totaling 145,000 square feet in Redondo Beach, California with a domestic energy company. The leases commence March 1 for 45,000 square feet, June 1 for 51,000 square feet and March 1, 2027 for 49,000 square feet, all immediately upon expiration or termination of existing leases. The three leases will expire December 2031. To facilitate the new leases, Terreno Realty Corporation terminated effective February 28 an in-place lease for 45,000 square feet that was to expire April 30.

Terreno Realty acquired an industrial property located in the Bronx, New York on February 20 for a purchase price of approximately $9.8M. The property consists of an industrial distribution building containing approximately 38,000 square feet on 0.9 acres. The property is at 175 Canal Street West, immediately adjacent to the Major Deegan Expressway and between the Third Avenue and Madison Avenue bridges. The property is 100% leased for one year. At lease expiration Terreno Realty Corporation will demolish a portion of the building and construct improvements to improve functionality. After renovation the building is expected to contain approximately 29,000 square feet with seven grade-level loading positions and off-street parking. The total expected investment is $12.2M and the estimated stabilized cap rate is 5.3% initially and 6.1% after renovation.

Terreno Realty announced that it has executed a lease for 66,000 square feet in Rancho Dominguez, California with a manufacturer and distributor of laboratory reagents, stains and disinfectants. The lease will commence June 1, immediately after the current lease expires, and will expire September 2036.

Terreno Realty acquired an industrial property located in College Point, Queens, New York for a purchase price of approximately $92M. The property consists of a cross-dock industrial distribution building containing approximately 81,000 square feet with an additional two floors of indoor parking on four acres. The property provides 13 dock-high and three grade-level loading positions and parking for 226 cars. The building is shell complete only. Terreno Realty Corporation will permit and construct interior finishes, including approximately 8,000 square feet of office, expected to be completed in early 2027. The total expected investment is $103.4M and the estimated stabilized cap rate is 5.4%.