1 Dodge Drive in West Caldwell — Courtesy: Venture One Real Estate
By Joshua Burd
Terreno Realty Corp. has sold a 93,000-square-foot industrial building in West Caldwell for $17.8 million, the company announced recently.
The real estate investment trust, which is based in Bellevue, Washington, detailed the trade of 1 Dodge Drive in late December, noting that the property is 100 percent leased to two tenants. Venture One Real Estate, a private equity fund manager based in Rosemont, Illinois, purchased the building through a vehicle listed as VK Industrial VI LP.
Alex Previdi of Lee & Associates New Jersey represented the seller.
The deal comes more than a decade after Terreno purchased the property for $6.8 million, the REIT said, noting that the investment generated an unleveraged internal rate of return of 11.2 percent.
In a separate news release, Venture One said 1 Dodge Drive has 21-foot clear ceiling heights, eight docks, two drive-in doors and parking for 164 cars. The firm also cited its proximity to Interstate 80 and Route 46, which provides access to the eastern seaboard and New York City.
VK Industrial VI is co-sponsored by Venture One Real Estate and Kovitz Investment Group.
