Terreno Realty Corp. Sells Industrial Property for $110M
The company has sold 18 distribution buildings, totaling 581,000 square feet, in Bound Brook, NJ.
BOUND BROOK, NJ – Industrial real estate acquirer, owner and operator Terreno Realty Corp. has sold a 581,000-square-foot, industrial property in Bound Brook, NJ for approximately $110.4 million.
The property comprises 18 industrial distribution buildings that are situated across 38 acres of land. The property is 100% leased to 29 tenants.
Terreno Realty Corp. originally acquired the asset in 2010 for $27 million. At the time, the property was 76% leased to 20 tenants.
From the investment, the company generated an unleveraged internal rate of return of 15.2%.