BAYONNE, NJ—Terreno Realty Corp. of San Francisco has acquired the industrial building at 20 Pulaski St. here for approximately $9.2 million.
The 98,000-square-foot building sits on 3.6 acres adjacent to Exit 14A of the New Jersey Turnpike, and is located approximately five miles from the Ports of Elizabeth and Newark, Newark International Airport and the Holland Tunnel.
The property provides 30 dock-high loading positions and is 100% leased to two tenants. The estimated stabilized cap rate of the property is 5.9%, Terreno Realty states.
Last week Terreno announced it had acquired a 159,000-square-foot industrial building in Hanover, MD for approximately $18 million.
Terreno Realty is an acquirer, owner and operator of industrial real estate in the coastal markets of Los Angeles; Northern New Jersey/New York City; the San Francisco Bay area; Seattle; Miami; and the Washington, DC/Baltimore region.