Terreno (TRNO) Acquires Elizabeth, NJ, Industrial Property in $10.4M Deal
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Terreno Realty Corporation (NYSE: TRNO) acquired an industrial property located in Elizabeth, New Jersey on October 7, 2011 for a purchase price of approximately $10.4 million.
The property consists of one multi-tenant industrial building containing approximately 150,000 square feet. Approximately 20% of the property was leased back to the seller as part of the purchase and the remaining approximately 80% was leased to a third party by Terreno after the property was placed under contract and prior to closing. As a result, the property is currently 100% leased to two tenants. The estimated stabilized cap rate of the property is 7.4%.
The property consists of one multi-tenant industrial building containing approximately 150,000 square feet. Approximately 20% of the property was leased back to the seller as part of the purchase and the remaining approximately 80% was leased to a third party by Terreno after the property was placed under contract and prior to closing. As a result, the property is currently 100% leased to two tenants. The estimated stabilized cap rate of the property is 7.4%.
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