Terreno Realty Corporation Sells Property in Somerset for $25M

Real Estate

On Nov 23, 2022

Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, sold an industrial property located in Somerset on Nov. 17 for a sale price of approximately $25 million.

The property consists of one industrial distribution building containing approximately 86,000 square feet on 6.9 acres which is 100% leased to one tenant. The property was purchased by Terreno Realty Corporation on Sep. 1, 2016 for approximately $9.1 million. The unleveraged internal rate of return generated by the investment was 20.7%.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C.

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