Benzinga | Oct 13, 2021 01:38PM EDT

Terreno Realty Corporation Sells Property In East Hanover, NJ For $32.7M

Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, sold an industrial property located in East Hanover, New Jersey on October 12, 2021 for a sale price of approximately $32.7 million.

The property consists of three industrial buildings containing approximately 167,000 square feet on 11.7 acres at 9, 11 and 15 Melanie Lane, which are 88.2% leased to 32 tenants. The property was purchased by Terreno Realty Corporation on September 30, 2013 for approximately $20.0 million. The unleveraged internal rate of return generated by the investment was 10.1%.

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.

Additional information about Terreno Realty Corporation is available on the company's web site at www.terreno.com.