BELLEVUE, Wash.–(BUSINESS WIRE)–Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, sold an industrial property located in Somerset, New Jersey on November 17, 2022 for a sale price of approximately $25.0 million.
The property consists of one industrial distribution building containing approximately 86,000 square feet on 6.9 acres which is 100% leased to one tenant. The property was purchased by Terreno Realty Corporation on September 1, 2016 for approximately $9.1 million. The unleveraged internal rate of return generated by the investment was 20.7%.
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C.
Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.