{"id":1004229028,"date":"2018-05-10T03:50:12","date_gmt":"2018-05-10T11:50:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004229028"},"modified":"2022-12-08T20:07:02","modified_gmt":"2022-12-09T04:07:02","slug":"terreno-picks-up-newark-industrial-asset-for-6m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/terreno-picks-up-newark-industrial-asset-for-6m\/","title":{"rendered":"Terreno Picks Up Newark Industrial Asset for $6M"},"content":{"rendered":"<p>By Keith Loria<\/p>\n<div id=\"attachment_1004229030\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/85-Doremus-Ave..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004229030\" data-attachment-id=\"1004229030\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/terreno-picks-up-newark-industrial-asset-for-6m\/85-doremus-ave\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/85-Doremus-Ave..jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"85 Doremus Ave.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;85 Doremus Ave.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/85-Doremus-Ave..jpg?w=800\" class=\"wp-image-1004229030 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/85-Doremus-Ave..jpg\" alt=\"85 Doremus Ave.\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/85-Doremus-Ave..jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/85-Doremus-Ave..jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/85-Doremus-Ave..jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004229030\" class=\"wp-caption-text\">85 Doremus Ave.<\/p><\/div>\n<p>Terreno Realty Corp. has acquired an industrial property located in Newark, N.J., for approximately $6.3 million. The company funded the purchase with\u00a0a $55 million senior secured loan.<\/p>\n<p>Located at 85 Doremus Ave., the property also consists of an improved land parcel of roughly 3.5 acres and is currently 100 percent leased to Hertz. The facility is adjacent to Exit 15E of the New Jersey Turnpike and has an estimated stabilized cap rate of 5.1 percent.<\/p>\n<h2>Financing terms<\/h2>\n<p>The acquisition loan has a two-year term and an interest rate of 8.0 percent. It is secured by a portfolio of nine improved parcels mostly located in the New Jersey cities of Newark and Kearny.\u00a0According to the terms of the loan, Terreno has the option to utilize one of the properties from the portfolio as partial payment for the mortgage. The recently\u00a0acquired property and two others\u00a0may be put as partial or full payment of the loan.<\/p>\n<p>In March, Terreno Realty Corp. acquired a <a href=\"https:\/\/www.commercialsearch.com\/news\/terreno-picks-up-seattle-industrial-asset\/\">235,000-square-foot\u00a0industrial property<\/a> in southern Seattle\u00a0from a group of private investors and plans to renovate the property. The building traded for $34 million, public records show.<\/p>\n<h2><strong>The Jersey industrial scene<\/strong><\/h2>\n<p>According to JLL\u2019s first-quarter Industrial Insight report in 2018, overwhelming demand for logistics space since 2013 has caused the state to see its lowest level of availability in its most recent quarter. Statewide, there are just four existing and under construction Class A and B properties that could offer at least 500,000 square feet. As a result, tenants in the area should expect to pay a premium as prices are expected to reach a high watermark in the next several months.<\/p>\n<p><em>Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company completed the transaction with the help of $55 million in acquisition financing, secured by a nine-property portfolio located mostly in the Jersey cities of Newark and Kearny.<\/p>\n","protected":false},"author":451,"featured_media":1004229030,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21783,1600,21742,10],"tags":[32796,33863],"class_list":["post-1004229028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-investment","category-new-york","category-latest","category-northeast","tag-jll","tag-terreno-realty-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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