Terreno Realty files for IPO

* Terreno Realty files for IPO

* Plans to list on NYSE under symbol TRNO

NEW YORK, Dec 14 - Terreno Realty Corp on Monday filed for an initial public offering in a move that would let it profit from the economic recession and tight credit.

San Francisco, California-based Terreno Realty, which is organized as a real estate investment trust (REIT), said in a filing with the U.S. Securities and Exchange Commission it hopes to find deals on industrial real estate in six major U.S. coastal areas including Los Angeles, New York City and San Francisco.

The company said it plans to sell 15 million shares, which it expects to price at $20 each.

Concurrently with the offering Chairman and Chief Executive Blake Baird and President and Chief Financial Officer Mike Coke will acquire an additional 350,000 shares at the offering price but without paying an underwriting discount.

Underwriter Goldman Sachs & Co has the option to purchase an additional 2.25 million shares.

Terreno Realty is a blank check company. It said in a regulatory filing that it has no operating history and has not yet identified any acquisitions, or committed any portion of the proceeds to such acquisitions. It also said it may change its business, investment, leverage and strategies without stockholder approval.

Last week a REIT, New Jersey-based Chesapeake Lodging Trust Corp, which hoped to raise about $250 million, postponed indefinitely its IPO due to market conditions.

Also last week another REIT, Pebblebrook Hotel Trust (PEB.N), raised about $350 million in its IPO and rose slightly in its debut.

A refrigerated warehouse REIT, Americold Realty Trust, filed for a $690 million IPO on Monday.

Blank check companies rely heavily on executive experience. Baird and Coke have eight and nine years of experience, respectively, working at New York Stock Exchange-listed industrial REIT AMB Property Corp (AMB.N).

During that time AMB went from owning 64 million square feet of space in 30 U.S. markets to owning 125 million square feet in 12 countries in North America, Europe and Asia, including real estate acquisitions worth roughly $4.6 billion. During that time AMB's total returns outperformed the MSCI U.S. REIT Index .RMZ, according to a regulatory filing.

Terreno Realty plans to debut on the New York Stock Exchange under the symbol TRNO. (Reporting by Clare Baldwin; Editing by Phil Berlowitz)