Terreno Realty Corp. said Aug. 30 that it acquired an industrial property in Carlstadt for a purchase price of approximately $17.9 million.
NAI James E. Hanson’s Scott Perkins and Chris Todd represented Terreno in the transaction with an undisclosed seller.
The 4.9-acre improved land parcel at 245 Paterson Plank Road is immediately adjacent to Terreno’s Michele Place property, American Dream, the MetLife Sports Complex and Exit 16W of the New Jersey Turnpike. The property is vacant, and the estimated stabilized cap rate is 4.5%.
Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.