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Terreno Realty (NYSE: TRNO) announced the appointment of Constance von Muehlen as an independent director, effective June 1, 2024. This addition expands the Board of Directors to eight members. Ms. von Muehlen is currently the Executive Vice President and Chief Operating Officer of Alaska Airlines, a position she has held since April 2021. She has a comprehensive background, including a Bachelor’s degree from Johns Hopkins University and an Executive MBA from the Foster School of Business at the University of Washington. Additionally, she holds an FAA Commercial Instrument Helicopter Pilot’s License and has served on various boards, including the FAA’s Women in Aviation advisory board and the San Jose Public Library Foundation board. Terreno Realty specializes in acquiring, owning, and operating industrial real estate in key coastal U.S. markets like Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.
Terreno Realty (NYSE:TRNO) has completed the development and stabilization of Countyline Corporate Park Phase IV Building 40 in Hialeah, Florida, ahead of the previously expected Q4 2024 timeline. The 186,000 square foot industrial distribution building, featuring 60 dock-high and two grade-level loading positions, is fully leased to four tenants. The total investment for Building 40 is $43.8 million, with an estimated stabilized cap rate of 6.3%. Countyline Phase IV, part of a 121-acre project, is set to contain ten LEED-certified buildings totaling 2.2 million square feet upon its completion in 2027, with a projected total investment of $511.5 million. Terreno Realty's combined Countyline Corporate Park Phases III and IV will comprise 17 buildings and 3.5 million square feet of industrial space.
Terreno Realty (NYSE: TRNO) has announced an early lease renewal and expansion in Fremont, California with an Advanced Air Mobility provider. The renewal lease, initially set to expire in February 2025, has been extended to August 2029. Additionally, an expansion lease of 41,000 square feet will begin in June 2024 and also conclude in August 2029.
Terreno Realty focuses on acquiring, owning, and operating industrial real estate in six major coastal U.S. markets, including Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.
Terreno Realty (NYSE: TRNO) announced a lease agreement for 5.5 acres of improved land in Newark, New Jersey with an automobile exporter. The lease began on May 16, 2024, and will run until January 2028. Terreno specializes in acquiring, owning, and operating industrial real estate in key coastal markets, including Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.
Terreno Realty (NYSE: TRNO) declared a cash dividend of $0.45 per share for the quarter ending June 30, 2024. The dividend will be paid on July 12, 2024, to common stockholders of record on June 28, 2024. The company also filed its Form 10-Q for the quarter ended March 31, 2024 with the SEC. Terreno Realty focuses on industrial real estate in key U.S. markets.
Terreno Realty acquired a portfolio of industrial properties in New York City, Northern New Jersey, San Francisco, and Los Angeles for $364.5 million. The portfolio consists of 28 buildings totaling 1.2 million square feet, with a 91.6% occupancy rate. The in-place cap rate is 4.3%, estimated stabilized cap rate is 5.0%, and adjusting to market rents is 5.8%. Goldman Sachs & Co. served as the financial advisor for the acquisition.
