Terreno Realty Corp. announced it acquired an industrial property in Kearny for approximately $25 million.
The acquisition acts as partial repayment of the $55 million senior secured loan that the company made in 2018, reducing the outstanding loan balance to approximately $30 million.
The 16.8-acre improved land parcel at 81 N. Hackensack Ave. is adjacent to Exit 15E of the New Jersey Turnpike, U.S. Routes 1 and 9, and the Pulaski Skyway.
The property is 100 percent leased to one tenant.