By Joshua Burd
Terreno Realty Corp. has sold a 603,000-square-foot industrial property in South Brunswick for more than $144 million, the real estate investment trust announced Tuesday.
The Bellevue, Washington-based company said the building, 130 Interstate Blvd., was fully leased at the time of the sale to an undisclosed buyer. That includes an original 413,000-square-foot building that Terreno purchased in 2010 for $22.5 million, plus a 190,000-square-foot expansion that it completed after buying the adjacent land in 2013.
The property is just east of the New Jersey Turnpike and about four miles from the Exit 8A interchange. Tenants at the building have included O’Neill Logistics and Topaz Lighting.
The REIT, meantime, said the unleveraged internal rate of return generated by the investment was 13.4 percent. Published reports noted that the $144.2 million sale price was more than six times what it paid to acquire the original building.
