Lee & Associates New Jersey on Wednesday negotiated the $25 million sale of 70 Schoolhouse Road, an 86,000-square-foot, fully leased industrial property in Somerset.
The commercial real estate services firm’s Dan Badenhausen and Andrew Stypa represented the seller, San Francisco-based Terreno Realty Corp., and procured the undisclosed buyer in the transaction.
Situated on nearly 7 acres, the property is fully leased to a single tenant. Terreno Realty, a public real estate investment trust, acquired the property in 2016; the sale price is nearly triple the firm’s initial purchase price.
“Investment demand for industrial space continues unabated throughout the state of New Jersey,” Badenhausen noted. “This offering was met with competitive bidding by a diverse group, including institutional and private players.”