Terreno Realty has made a profitable trade by selling a warehouse in South Brunswick, New Jersey, for $144 million.
The real estate investment trust, based in Bellevue, Washington, originally bought the site at 130 Interstate Boulevard in 2010 for $22.5 million, based on a report by NJBiz. The buyer in the deal was not disclosed.
The 35.5-acre property currently has a building with 603,000 square feet. Third-party shipping firm O’Neill Logistics is the sole tenant with a long-term lease.
Adjacent to the sold property is a 190,000-square-foot expansion at 110 Interstate Boulevard, which Terreno has invested $13.6 million in its development. The company reported an unleveraged internal rate of return of 13.4 percent from its South Brunswick investment.
In 2023, Terreno also profited from the sale of a North Bergen site for $25.5 million, compared to a $14 million purchase price in 2017.Â
The REIT operates in six major coastal U.S. markets, with its New York City/Northern New Jersey portfolio comprising 67 buildings totaling 3.9 million square feet with 98.5 percent occupancy, according to the outlet.
The firm is active in South Florida, inking a nearly $200 million deal earlier this year for three warehouses in Doral. In 2023, the firm paid almost $175 million for a 121-acre property, which allows for 2.2 million square feet of distribution facilities, in Hialeah.Â
– Joel Russell
