Terreno Realty Corporation, an owner and operator of industrial real estate, announced it has sold a property located in South Brunswick, for a sale price of approximately $144.2 million.
The transaction, which closed on Oct. 6, involved a 603,000-square-foot industrial distribution building situated on 35.5 acres. The property was fully leased at the time of sale.
The sale caps a successful investment cycle for the company. Terreno initially purchased the property, which was then 413,000 square feet, for $22.5 million in September 2010. In 2013, the company acquired adjacent land and expanded the building by 190,000 square feet with an additional investment of $13.6 million.
The entire investment generated an impressive unleveraged internal rate of return (IRR) of 13.4%.
Terreno Realty Corporation specializes in acquiring, owning, and operating industrial real estate in six major coastal U.S. markets, including the New York City/Northern New Jersey metropolitan area.
