Terreno Realty Corporation Acquires Property in Newark for $13.2 Million

On Jul 5, 2017

Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property in Newark on June 30 for a purchase price of approximately $13.2 million.

The 7.2-acre improved land parcel is immediately adjacent to U.S. Routes 1 and 9, and less than one mile from I-78, Exit 14 of the New Jersey Turnpike and Newark Liberty International Airport. The property, at 178 Stockton Street, is vacant. The estimated stabilized cap rate of the property is 5.4%.

Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) 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 U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C./Baltimore.

Related Articles: