West Coast industrial investor buys 5-acre Jersey site


West Coast industrial investor Terreno Realty Corporation has
acquired a 5.4-acre land parcel just off the New Jersey Turnpike in Kearny for
$26.3 million.

Public records show that the site at 97 Third Street last
traded for just $2.57 million in 2016.

“Finding suitable investment properties in the northern New
Jersey and New York City area only grows more difficult by the day,” said NAI
James E. Hanson’s Kenneth Lundberg, who represented Terrano along with Patrick
Lennon and Lorenzo Lambiase.

 “We are pleased to be
able to leverage our expertise in this region to help Terreno enhance its

The site, adjacent to Exit 15E of the New Jersey Turnpike, is
currently 51 percent leased to two tenants involved in the transportation and
haulage sector. It sits five miles from Port Newark and offers accessibility to
one of the most competitive industrial markets on the East Coast.

The acquisition is the latest New Jersey addition in
Terreno’s growing portfolio of industrial real estate assets across six major
coastal U.S. markets including the northern New Jersey and New York City
market. With this acquisition, Terreno’s portfolio in the northern New Jersey
and New York City area now spans 63 buildings and 3,570,180 square feet.

Terreno, in a statement, said the property has an estimated
stabilized cap rate 3.1 percent and noted that the 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.

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