Terreno Realty Corporation has bought an industrial property in North Bergen, New Jersey for $4.8 million. Located at 2240 74thStreet, the asset consists of one 25,000 sqf transshipment industrial building on 3.6 acres approximately three miles from Exit 16E of the New Jersey Turnpike and the Lincoln Tunnel. The building is equipped with 37 dock-high loading positions and parking for 37 cars. The estimated stabilized cap rate of the property is 5.7 percent. 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./Baltimore.
