Acquirer, owner and operator of industrial real estate Terreno Realty Corporation (TRNO) recently announced that it has acquired an industrial property in Hayward, California, for $8.3 million.
Following the news, shares of the company appreciated almost 1% to close at $65.71 on Friday.
The acquired property spans an area of about 41,000 square feet on 2 acres space. Notably, the property is 92% leased to 10 tenants. The tenure of the tenants expires by December 2025. The stabilized cap rate of the property stands at 4.9%. (See Terreno Realty stock chart on TipRanks)
Recently, Wolfe Research analyst Andrew Rosivach reiterated a Hold rating on the stock. The analyst, however, raised the price target to $70, which implies upside potential of 6.5% from current levels.
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 4 Buys and 3 Holds. The average Terreno Realty price target of $71.14 implies that the stock has upside potential of 8.3% from current levels.
Terreno Realty scores a 9 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained about 10.2% over the past year.
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