RTTNews | Oct 21, 2021 10:01AM EDT

10:01 Thursday, October 21, 2021 (RTTNews.com) - Industrial real estate operator, Terreno Realty Corporation (TRNO), on Thursday said it acquired an industrial property located in Elizabeth, New Jersey, on October 20, for a purchase price of about $44 million.

Total acquisition cost includes 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.

The property comprises one industrial transshipment building containing approximately 31,000 square feet on an area of six acres. "The property is at 228 North Avenue, adjacent to Exit 13A of the New Jersey Turnpike, Port Newark and Newark Liberty International Airport, provides 52 dock-high and two grade-level loading positions and parking for 33 cars and 153 trailers. The property is 100 percent leased to one tenant on a short-term basis. The estimated stabilized cap rate of the property after releasing is 4.8 percent," the San Francisco-headquartered company said in a statement.

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