CARLSTADT, NJ-Terreno Realty Corp. of San Francisco has acquired two industrial buildings here for nearly $10 million.
The owner and operator of industrial real estate in six coastal US markets, acquired 465 Meadow Lane, a 100% leased 22,000-square -foot front-load distribution building, and 341 Michele Place, a 68,000-square-foot rear-load distribution building that is 95.6% leased to two tenants. The reported purchase price was approximately $9.9 million. The transaction for the properties located on 3.2 acres in the central Meadowlands industrial market closed on Oct. 17.
Both properties are adjacent to routes 3 and 17 and near Exit 16W of the New Jersey Turnpike. The estimated stabilized cap rate of the properties is 5.7%.