97 Third St. in Kearny — Courtesy: NAI James E. Hanson
By Joshua Burd
Terreno Realty Corp. has acquired a 5.4-acre industrial property in Kearny for more than $26 million, in a transaction arranged by NAI James E. Hanson.
Brokers with the firm represented the Bellevue, Washington-based buyer in its purchase of 97 Third St., which sits just off Exit 15E of the New Jersey Turnpike and five miles from Port Newark-Elizabeth. Terreno noted that the improved land parcel is 51 percent leased to two tenants, marking the latest addition to its portfolio in the region.
NAI Hanson’s Kenneth Lundberg, Patrick Lennon and Lorenzo Lambiase completed the $26.3 million deal. In a news release, they noted Terreno now owns spans 63 buildings and nearly 3.6 million square feet in the northern New Jersey and New York City area.
“Finding suitable investment properties in the northern New Jersey and New York City area only grows more difficult by the day,” Lundberg said. “In such a tight market, it has never been more important for buyers to tap a seasoned and experienced team of brokers that have the local relationships and market knowledge to find deals. We are pleased to be able to leverage our expertise in this region to help Terreno enhance its portfolio.”