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TOTOWA, NJ-Terreno Realty Corp. has acquired an industrial property at 200 Maltese Dr. for around $16.5 million from High Street Equity Advisors. The company utilized cash on hand to fund the acquisition. The property consists of one multi–tenant industrial building containing approximately 208,000 square feet. The property is currently 100% leased to Precision Custom Coatings. The estimated stabilized cap rate of the property is 8.8%.

Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the sale. According to the firm’s Gary Gabriel, the sale of 200 Maltese represents the largest Passaic County commercial property transaction so far in 2010. It also is one of the largest year-to-date industrial property trades statewide. Gabriel and Paul Torosian headed the assignment with team members Andrew Merin and David Bernhaut.

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