Terreno Acquires NJ Industrial Asset for $16M
The property is in close proximity to Newark Liberty International Airport and Newark Port and was vacant at the time of the transaction.
By Mihaela Coste
422-470 Frelinghuysen Ave., Newark, N.J.
Terreno Realty Corp. acquired an industrial property in Newark, N.J., for $16.3 million. The property was vacant at the time of the transaction and the estimated stabilized cap rate is 5.3 percent.
Located on a 10.6-acre site at 422-470 Frelinghuysen Ave., the asset is adjacent to routes 1 and 9 and to Interstate 78. Newark Liberty International Airport, as well as Newark Port are also nearby.
Six Major Markets Portfolio
The company acquires, owns and operates industrial assets in Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C./Baltimore.
Earlier this year, Terreno added 126,000 square feet of industrial space to its New Jersey portfolio, the transaction marking the 48th acquisition in the area.
Image courtesy of JLL
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