Terreno Realty sold an industrial property in the heart of the Meadowlands, New Jersey, for approximately $25 million on Wednesday, Oct. 14.
The property, located at 180 Manor Road, East Rutherford, consists of an 86,000-square-foot rear-load industrial distribution building on 4.3 vacant acres. Terreno Realty Corporation purchased the property on Oct. 15, 2015, for $9.3 million, according to a press release. The unleveraged internal rate of return generated by the investment was 11.0%.
Known as Terreno 180 Manor, the premier industrial warehouse and distribution facility is located in the Meadowlands submarket and is a highly desirable site for last-mile e-commerce and supply chain logistics because of its proximity to Route 3, Route 17, and the NJ Turnpike.
About Terreno Realty Corporation
Terreno Realty Corporation acquires, owns, and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey; Los Angeles; Miami; San Francisco Bay Area; Seattle; and Washington, D.C.
Additional information about Terreno Realty Corporation is available on the company’s website at www.terreno.com.