Terreno Realty sells industrial property in new Jersey for $144.2M

Terreno Realty (TRNO) sold an industrial property located in South Brunswick, New Jersey for a sale price of approximately $144.2M. The property consists of a 603,000 square foot industrial distribution building on 35.5 acres which is 100% leased. The original property consisting of 413,000 square feet was purchased by Terreno Realty Corporation on September 29, 2010 for $22.5M. In 2013 Terreno Realty Corporation acquired the adjacent land and expanded the building by 190,000 square feet for an additional investment of $13.6M. The unleveraged internal rate of return generated by the investment was 13.4%.