Terreno Realty in Newark Industrial Property Acquisition Streak

Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property in Newark for approximately $11.9 million. This is in addition to property Terreno recently acquired nearby. 

The 2.4-acre improved land parcel at 127-167 and 147-163 Doremus Ave. is adjacent to Exit 15E of the New Jersey Turnpike and Terreno’s 85 and 87 Doremus Ave. properties. The property is 100% leased on a short-term basis to one tenant and the estimated stabilized cap rate is 6.9%. 

Last week, Terreno announced it had acquired industrial properties nearby for a purchase price of approximately $17.3 million. 

The 9.7-acre improved land parcel at 87 Doremus Ave. is adjacent to Terreno’s 85 Doremus 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%.