422-470 Frelinghuysen Ave. in Newark — Courtesy: The Blau & Berg Co.
By Joshua Burd
An industrial real estate firm has expanded its New Jersey holdings by acquiring two sites in Newark for a combined $29.5 million, according to the buyer and brokers involved with the deal.
Brokerage firm The Blau & Berg Co. said Monday that it represented both the buyer, Terreno Realty Corp., and the seller of the properties at 422-470 Frelinghuysen Ave. and 178 Stockton St. The vacant sites are in the Port Newark-Elizabeth submarket.
Alex Conte, Jason Crimmins, Kenneth F. Crimmins and Peter J. Murano of Blau & Berg handled the assignment for the Short Hills-based firm. The brokerage team is now marketing the properties for lease.
“Terreno Realty was seeking to expand its portfolio through strategic acquisitions in port locations,” said Murano, a senior executive director with Blau & Berg. “We were able to find two properties in prime locations that offered the opportunity for near term goals of projected returns and future redevelopment potential. We have experienced an incredible amount of interest in both properties and expect them to be leased in the third quarter.”
In a separate announcement, San Francisco-based Terreno said it paid $16.3 million to purchase 422-470 Frelinghuysen. The property is a 10.6-acre improved land parcel across from Newark Liberty International Airport and in close proximity to U.S. Routes 1 and 9, Interstate 78 and the New Jersey Turnpike.
Meantime, the firm paid $13.2 million for 178 Stockton, which is a 7.2-acre improved parcel with easy access to Routes 1 and 9, the port and New York metropolitan areas. The site is also less than one mile from I-78, Exit 14 of the Turnpike and the airport.
Terreno said the total acquisition costs in the deals include the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.
