BOUND BROOK, NJ – Industrial real estate acquirer, owner and operator Terreno Realty Corp. has sold a 581,000-square-foot, industrial property in Bound Brook, NJ for approximately $110.4 million.
The property comprises 18 industrial distribution buildings that are situated across 38 acres of land. The property is 100% leased to 29 tenants.
Terreno Realty Corp. originally acquired the asset in 2010 for $27 million. At the time, the property was 76% leased to 20 tenants.
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From the investment, the company generated an unleveraged internal rate of return of 15.2%.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
