Terreno Realty Corporation has picked up an industrial property located in Carlstadt, New Jersey for a purchase price of approximately $5.0 million. The property consists of one transhipment industrial distribution building containing approximately 31,000 sqf of space across 5.2 acres. The property is located at 248 Paterson Plank Road, adjacent to Exit 16W of the New Jersey Turnpike and the Meadowlands Sports Complex. The facility features 64 dock-high and two grade-level loading positions, parking for 25 cars, trailer storage and is currently 100 percent leased to two tenants. The estimated stabilized cap rate of the property is 6.6%.
