By Joshua Burd
Terreno Realty LLC has purchased more than two acres of industrial property in Newark’s port district, in a newly announced transaction by The Blau & Berg Co.
The brokerage team, which represented both parties in the deal, said the parcel sits on Doremus Avenue but did not identify a specific address. Separately, in its second-quarter operating report, Terreno detailed its purchase of a 2.4-acre improved property adjacent to Exit 15E of the New Jersey Turnpike, which it listed as 127-167 and 147-163 Doremus Ave.
Terreno said the site is 100 percent leased on a short-term basis to one tenant. The real estate investment trust paid roughly $11.9 million in the deal, equating to an estimated stabilized capitalization rate of 6.9 percent.
Blau & Berg’s Jason M. Crimmins, Alessandro Conte, Peter J. Murano Jr. and Michael F. Schipper completed the transaction announced Friday by the Short Hills-based brokerage team.
“This property is an excellent acquisition for Terreno,” said Murano, a managing executive director. “Locations like this near the port are seeing unprecedented demand, and our longstanding relationship with Terreno allowed this deal to come together seamlessly in an often volatile market.”
Terreno buys 10-acre industrial parcel in Newark for $17.3 million
