Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, sold an industrial property located in Somerset on Nov. 17 for a sale price of approximately $25 million.
The property consists of one industrial distribution building containing approximately 86,000 square feet on 6.9 acres which is 100% leased to one tenant. The property was purchased by Terreno Realty Corporation on Sep. 1, 2016 for approximately $9.1 million. The unleveraged internal rate of return generated by the investment was 20.7%.
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.
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