San Francisco-based Terreno Realty Corporation has purchased an improved tract of land in Elizabeth, New Jersey for $9.3 million. The property consists of approximately 4.5 acres of paved land located at 901 North Avenue adjacent to the Newark Liberty International Airport and Exit 13A of the New Jersey Turnpike. The property is currently 100 percent leased to a single tenant with an estimated stabilized cap rate of 5.9%.
Terreno Realty Corporation acquires, owns and operates industrial real estate exclusively in six major coastal U.S. markets. It targets cities with highly developed airport, seaport and highway infrastructure for the development of distribution hubs, especially those that have significant physical and regulatory barriers to development of competing properties.
