Terreno Sells New Jersey Asset for $144M
The firm had acquired the fully leased warehouse for far less in 2010.
Terreno Realty Corp. has sold one of its East Coast industrial holdings, a 603,000-square-foot warehouse and distribution building in South Brunswick, N.J., for approximately $144.2 million. The property spans 35.5 acres at 130 Interstate Blvd., in the Cranbury submarket.
Terreno had acquired the original building, consisting of 413,000 square feet, in September 2010 for $22.5 million. The seller was Industrial Developments International, which had purchased the asset in March 2003 for $17.1 million from Circuit City, according to Yardi Research Data.
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In 2013, Terreno acquired adjacent land and expanded the warehouse by 190,000 square feet. The facility currently has a 32-foot clear height, 47 dock doors, an ESFR sprinkler system, a 190-foot truck court and 207 parking spaces. The building is fully leased by O’Neill Logistics, a third-party logistics provider.
Located at Exit 8A off the New Jersey Turnpike, 130 Interstate Blvd. is about 27 miles from Trenton Mercer Airport, nearly 34 miles from Newark Liberty International Airport and less than 30 miles from the New York Container Terminal.
Recent buying spree
Terreno acquires, owns and operates industrial real estate in six major coastal U.S. markets. In addition to New York/New Jersey, the firm has assets in Los Angeles, Miami, San Francisco Bay Area, Seattle and Washington, D.C., markets. In New Jersey, Terreno still owns 110 Interstate Blvd., a 190,000-square-foot warehouse and distribution building also in South Brunswick.
Last month, Terreno acquired a three-building, 509,000-square-foot portfolio of industrial properties in Kearny, N.J., and Doral, Fla., for an aggregate price of approximately $194.3 million. The collection was about 36 percent leased at the time of sale.
The transaction was part of a multi-market portfolio purchase of about 1.2 million square feet that began in August with the $232.6 million acquisition of nine buildings in Woodinville, Wash., part of the Seattle industrial market. Those buildings, a mix of flex/industrial and manufacturing facilities, were about 91 percent leased.
Also in September, Terreno purchased the Redondo Beach Two Pack, a two-building, 99,340-square-foot property in Southern California, from MetLife Investment Management. The 5.1-acre property is near Los Angeles International Airport and major freeways.
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