Terreno Realty acquires Newark industrial site for $11.9M

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Terreno Realty Corp. operates in six major coastal U.S. markets, recently adding a Newark property to its portfolio.

On May 20, the Bellevue, Wash.-based firm said it acquired a 2.4-acre improved land parcel the previous day located at 127-167 and 147-163 Doremus Ave. in the Essex County municipality for $11.9 million.

The property is 100% leased on a short-term basis to one tenant, according to the company, and has an estimated stabilization cap rate of 6.9%.

It is also nearby two other Terreno Realty properties: 85 and 87 Doremus Ave. It acquired the latter site in April for $17.3 million. The 9.7-acre property is 100% leased and located adjacent to to Exit 15E of the New Jersey Turnpike.

In addition to North Jersey/New York City, Terreno also operates in the Los Angeles, San Francisco Bay Area, Seattle, Miami and Washington, D.C., markets.

At the beginning of the month, the firm offloaded a 580,000-square-foot industrial park in Bridgewater for $110.4 million. According to its website, as of March 31, Terreno owned 62 buildings with a cumulative 3.4 million square feet boasting 97.8% occupancy rate in the New Jersey-area market.