KEARNY, NJ-Terreno Realty Corp. has acquired 670 Belleville Turnpike, a 211,000-square foot single-story industrial building here, for $32.6 million from Saw Mill Park, LLC, an affiliate of Carlstadt, NJ-based Russo Development.
The price, approximately $154 per square foot, includes the assumption of a mortgage. The property is currently 100% leased to H.D. Smith, a privately held wholesaler of medical and healthcare products that utilizes the site as a regional distribution center.
"This is clearly a best-in-class asset that has what the institutional investment community is looking for today—quality construction, tremendous floor loads, state-of-the-art ceiling heights, and a strong, long-term tenant for which it is a mission-critical facility," says David Bernhaut, vice chairman of Cushman & Wakefield, in a statement. The company’s Metropolitan Area Capital Markets Group represented the seller. "It also has a prime location straddling the Meadowlands and Port submarkets, two of the strongest markets in the region.”
Other Kearny-area industrial facilities on the market are asking from $77 per square foot to $98 per square foot for much smaller buildings (16,000 square feet to 24,000 square feet), according to LoopNet.
San Francisco-based Terreno was represented in-house by SVP Andrew Burke. Other members of the C&W team included Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt, Stan Danzig, Jules Nissim, Stephen Elman, and Catherine Bounczek.
"This offering attracted significant interest," says Merin. "Terreno demonstrated deep market knowledge, recognizing the unique qualities of the asset, and more importantly transacted as promised."
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