Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal US markets, has acquired six adjacent properties in Carlstadt for approximately $12 million.
The properties, totaling approximately 8.1 acres, consist of four transshipment facilities providing 32,700 square feet with 75 loading positions and two improved land parcels comprising 1.3 acres along Avenue A east of Washington Avenue (County Route 503) and less than two miles north of the Meadowlands Sports Complex and Exit 16W of the New Jersey Turnpike. The properties are 100 percent leased to four tenants, three of which are short term. The estimated stabilized cap rate of the property is 5.7 percent.
Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95 percent) divided by total acquisition cost. 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.
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal US markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, DC/Baltimore.Related Articles: