Terreno Realty Corporation has closed on the purchase of three adjacent properties in Carlstadt, New Jersey for approximately $13.5 million. The assemblage, totaling 7.8 acres, encompasses two trans-shipment facilities providing 43,400 square feet with 77 dock-high and ten grade-level loading positions and an improved 1.1 acre plot of land at 50 and 100 Kero Road. The site sits less than two miles north of the Meadowlands Sports Complex and Exit 16W of the New Jersey Turnpike. The properties are currently 100 percent leased to three tenants, two of which are short-term. The estimated stabilized cap rate of the property is 5.2 percent.
