By Joshua Burd
Terreno Realty Corp. has purchased a nearly 10-acre industrial property in Newark for $17.3 million, the Bellevue, Washington-based firm announced last week.
In a news release, the company said the improved land parcel at 87 Doremus Ave. is fully leased to two tenants, one of which is on a short-term basis. The site is adjacent to 85 Doremus Ave., which Terreno also owns, in a location that is just off Exit 15E of the New Jersey Turnpike.
Northern New Jersey and New York City comprise one of six major coastal U.S. markets within Terreno’s portfolio. As of last fall, its holdings in the region included 63 buildings with a combined 3.57 million square feet.
Its other recent acquisitions in New Jersey include a 5.4-acre industrial property at 97 Third St. in Kearny and a nearly five-acre parcel at 245 Paterson Plank Road in Carlstadt.
