Terreno Realty Corporation (NYSE: TRNO) said it acquired an industrial property located in Fairfield, New Jersey on November 20, 2015 for a purchase price of approximately USD3.2 million.
The property consists of one industrial building containing approximately 40,000 square feet on approximately 3.5 acres adjacent to I-80 and US Route 46. The property is at 22 Madison Road, provides two grade-level loading positions, parking for 87 cars and is 100 percent leased to one tenant. The estimated stabilized cap rate of the property is 5.8 percent.
Terreno Realty Corporation is an acquirer, owner and operator of industrial real estate in six major coastal US markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C./Baltimore.