Terreno Realty Corp. (TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, said it acquired a property in South Brunswick, New Jersey on December 31, 2013 for a purchase price of about $5.0 million.
The property consists of a land parcel of about 10.15 acres located immediately adjacent to Terreno Realty Corporation's existing 413,000 square foot facility at 130 Interstate Boulevard within the New Jersey Turnpike Exit 8A submarket.
Terreno Realty expects to construct during 2014 an about 190,000 square foot expansion to the existing facility creating an about 603,000 square foot multi-tenant front-load distribution building. The estimated stabilized cap rate of the expansion portion of the property is 5.8%.
by RTT Staff Writer
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