real estate

Terreno Realty Corporation Acquires Property in Newark for $13.2 Million

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.

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