Terreno Realty Corp. on Tuesday said it traded an industrial property in Bayonne on Dec. 27 for a sale price of approximately $24.3 million.
The property consists of one industrial distribution building containing approximately 98,000 square feet on 3.6 acres, which is 100% leased to one tenant. The property was purchased by Terreno on March 31, 2014, for approximately $9.2 million. The unleveraged internal rate of return generated by the investment was 14.1%.
Terreno 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.