Terreno Realty (TRNO) Acquires Industrial Property in Elizabeth, NJ for $15.4 Million

Terreno Realty Corporation (NYSE: TRNO) acquired an industrial property located in Elizabeth, New Jersey on November 29, 2022 for a purchase price of approximately $15.4 million.

The property consists of one industrial distribution building containing approximately 23,000 square feet on 1.8 acres. The property is at 629 Henry Street, adjacent to Newark Liberty International Airport and Exit 13A of the New Jersey Turnpike, provides two dock-high and two grade level loading positions and parking for 37 cars. The property is 100% leased on a short-term basis and the estimated stabilized cap rate is 5.4%.

Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.

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