An improved land parcel in Kearny traded hands in a transaction negotiated by NAI James E. Hanson, the full-service independent commercial real estate firm said.
Terreno purchased the 5.4-acre property at 97 Third St. for $26.3 million, NAI Hanson said, with the firm’s Kenneth Lundberg, Patrick Lennon and Lorenzo Lambiase representing the buyer.
“Finding suitable investment properties in the northern New Jersey and New York City area only grows more difficult by the day,” Lundberg said in a prepared statement. “In such a tight market, it has never been more important for buyers to tap a seasoned and experienced team of brokers that have the local relationships and market knowledge to find deals. We are pleased to be able to leverage our expertise in this region to help Terreno enhance its portfolio.”
According to NAI Hanson, with this purchase Terreno’s North Jersey and New York City-area portfolio is now inclusive of 63 buildings and 3.57 million square feet.
The property provides accessibility to what NAI Hanson described as “one of the most competitive industrial markets on the East Coast,” located 5 miles from Port Newark and just off Exit 15E on the New Jersey Turnpike.