PISCATAWAY, NJ-Continuing on a tear of acquiring New Jersey industrial property, San Francisco-based Terreno Realty picked up two Piscataway multi-tenanted buildings here this week for $7 million.
The light industrial buildings at 60 and 70 West Ethel Rd. contain 105,000 square feet on 7.7 acres. They have rear-load entries, and provide 19 dock-high doors. The buildings, off I-287 and five miles from the New Jersey Turnpike, are 76% leased to nine tenants.
Terreno, an owner and operator of industrial real estate in six coastal U.S. markets, said the estimated stabilized cap rate for the properties is 7.4%.
Earlier this month Terreno acquired a $20 million facility in East Hanover and two industrial properties in Carlstadt for $9.9 million. The two buildings in the Meadowlands have 90,000 square feet of space and are currently 97% leased to three tenants.
Also this month, Terreno announced it had signed a 75,000-square-foot lease with a logistics company at its recently renovated 620 Division St. facility in Elizabeth for a five-year term.
Terreno focuses on the high barriers-to-entry markets of Los Angeles, Northern New Jersey/New York City, the San Francisco Bay Area, Seattle, Miami and Washington, D.C./Baltimore.
In recent months, it has moved to strengthen its foothold in all these areas with acquisitions and leasing.
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