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New York & Tri-State  + New Jersey  + Industrial  | 
Phoenix Affiliates Acquire 56+ Acres in Wisconsin for Spec Industrial Project

Industrial Specialist Terrano Realty Acquires Property in Newark, NJ for $17M 

Industrial property specialist Terreno Realty Corporation, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property in Newark, NJ on April 18, 2022 for a purchase price of approximately $17.3 million.

The 9.7-acre improved land parcel at 87 Doremus Ave. is adjacent to Exit 15E of the New Jersey Turnpike and Terreno Realty Corporation’s 85 Doremus Ave. property. The property is 100% leased to two tenants, one of which is on a short-term basis, and the estimated stabilized cap rate is 5.3%.

Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C

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About Ted Jackson

A highly successful financial journalist, corporate financial writer and magazine entrepreneur with strong expertise in writing on fixed income and pass-through securities (ABS), finance and banking, the economy, economic developments, financial markets, investing and personal finance, the business of behavioral healthcare and more.

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