Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal US markets, recently acquired an industrial property located in Newark, for a purchase price of approximately $2.5 million.
The property consists of one transshipment industrial building containing approximately 17,000 square feet on 2.2 acres between exits 14 and 15E of the New Jersey Turnpike. The property is at 445 Wilson Avenue in Newark, is within 2 miles of Newark Liberty International Airport and the Port of Newark and is 100% leased to one tenant on a short term basis. The property provides 10 dock-high loading positions and trailer storage. The estimated stabilized cap rate of the property is 6.3%.
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 US markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C./Baltimore.Related Articles: