Terreno Realty Corp. sold an industrial property in Somerset for $25 million.
Located at 70 Schoolhouse Road on 6.9 acres, the 86,000-square-foot property is completely leased to one tenant, Terreno said in the Nov. 18 announcement.
Terreno acquired the building in September 2016 for approximately $9.1 million, making the unleveraged internal rate of return generated by the investment 20.7%, it said.
Lee & Associates New Jersey Partners Dan Badenhausen and Andrew Stypa represented both the seller and buyer in this transaction.
According to a property summary available on Terreno’s website, the Somerset industrial site offers 12 dock-high and one grade-level loading position in addition to parking for 61 cars.
Terreno has offices in San Francisco and Bellevue, Wash., and operates in six major coastal U.S. markets: New Jersey/New York City, Los Angeles; the San Francisco Bay area; Seattle; Miami; and Washington, D.C. According to its website, its current portfolio includes more than 250 buildings, 15.4 million square feet and 575 customers.
Editor’s note: This story was updated at 4:57 p.m. EDT on Nov. 29, 2022, to include that Lee & Associates New Jersey represented the buyer and seller in this deal.
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