Terreno Realty Goes Shopping in NJ
- Sep 09, 2016
Somerset, N.J.—Terreno Realty Corp., a company that owns and operates industrial real estate in six major coastal U.S. markets, has recently acquired an 86,000-square-foot industrial building in Somerset. The asset traded for approximately $9 million.
The acquisition cost includes the basic purchase price, the effect of marking assumed debts to market, buyer’s due diligence and closing costs, predicted near-term capital expenses and additional costs needed to achieve stabilization. The estimated stabilized cap rate of the property is 5.5 percent.
The asset is situated at 70 Schoolhouse Road and consists of one rear-load industrial distribution building providing 12 dock-high and one grade-level loading positions. Sitting on roughly 7 acres, the property supplies 61 parking spaces and is 100 percent leased to one tenant.
Image via Google Maps