Terreno Realty Announces Redevelopment Property Lease in Queens

Core Insights - Terreno Realty Corporation (TRNO) has announced a full-property lease for a redevelopment property in Long Island City, Queens, NY, with a stabilized cap rate of approximately 5.7% [1][9] - The redevelopment includes an industrial distribution building of around 48,000 square feet on 2.2 acres, with a total investment of $35.8 million [2][9] - The property is fully leased to a contractor and rigging provider, with the lease commencing in December 2025 and expiring in August 2036 [2][9] Company Overview - Terreno Realty's redevelopment efforts are part of its strategy to optimize its portfolio and enhance financial performance [4] - The company has also executed a lease for 117,000 square feet in Doral, FL, with an international freight forwarder [4] - TRNO is focused on expanding its asset base in six major coastal U.S. markets, where demand for industrial real estate remains strong [5] Market Performance - TRNO shares have increased by 3.8% over the past three months, contrasting with a 2.4% decline in the industry [6] - The company currently holds a Zacks Rank 2 (Buy) [6]