7777 West Side Ave. in North Bergen — Courtesy: NAI James E. Hanson
By Joshua Burd
Terreno Realty Corp. has sold a 127,000-square-foot industrial building in North Bergen for some $25.5 million, nearly double the price it paid for the property in 2017.
The San Francisco-based company, which announced the deal this week, said the distribution facility is fully leased to a single tenant. The firm did not disclose the buyer, nor did it list the property’s address, but it referred to its $14 million purchase of the asset in April 2017.
At the time, brokers with NAI James E. Hanson announced that Terreno acquired the building at 7777 West Side Ave. under a sale-leaseback with Dermarite, whose business involves manufacturing and distributing high-quality advanced wound care and nutritional supplements.
The single-story building, which sits on 4.4 acres, has 20-foot ceiling heights and offers easy access to the George Washington Bridge and Lincoln Tunnel.
Terreno this week noted that the investment generated an unleveraged internal rate of return of 14.4 percent.
