FAIRFIELD, NJ--Terreno Realty Corp., based in San Francisco, reports it has acquired the 17 Madison Road industrial building here for approximately $2.8 million.
The 31,000-square-foot multi-tenant industrial distribution building is located on 2.2 acres adjacent to Highway 46 and Interstate 80. The property is 100% leased to one tenant. The estimated stabilized cap rate of the property is 8.5%, Terreno officials state.
Terreno Realty has industrial real estate holdings in Los Angeles; Northern New Jersey/New York City; the San Francisco Bay area; Seattle; Miami; and the Washington, D.C./Baltimore regional market.
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