Terreno Adds 126 KSF Industrial Asset to Its NJ Portfolio
Terreno Realty Corp. recently acquired an industrial building that currently serves as corporate headquarters for DermaRite Industries LLC. The asset traded at a 5.3 percent cap rate.
By Corina Stef
7777 West Side Ave., North Bergen
Real estate investment trust Terreno Realty Corp. has acquired 7777 West Side Ave. in North Bergen, N.J. The purchase price was about $14 million and closed at a 5.3 percent cap rate. The property last changed hands in 2011, when current tenant DermaRite Industries LLC purchased it for $7.7 million, according to PropertyShark data.
Built in 1967, the 126,000-square-foot industrial distribution building sits on a 4.4-acre parcel and features eight dock-high and two grade-level loading positions. It also offers 70 parking spaces. The facility provides research and development labs, together with corporate office space. Located in the vicinity of Tonelle Plaza Shopping Center, restaurants, and a fitness center, the property provides easy access to neighboring cities via 16 Tunnel Exit St. and the CSX train station. In addition, the asset is five miles away from Manhattan.
According to February SEC reports, the REIT’s Northern New Jersey and New York City portfolio consisted of 47 industrial properties, making this purchase their 48th acquisition in the area. Only this year, the company acquired a one-million-square-foot industrial property in metro Los Angeles and an 86,000-square-foot building in Somerset, N.J.
Image via GoogleMaps.
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