Terreno Realty Corp. on Wednesday said it sold an industrial property located in West Caldwell for $17.8 million.
The property consists of a 93,000-square-foot industrial distribution building on 8.9 acres, which is 100% leased to two tenants. The property was purchased by Terreno in 2013 for approximately $6.8 million. The unleveraged internal rate of return generated by the investment was 11.2%.
Terreno Realty Corp. acquires, owns and operates industrial real estate in six major coastal U.S. markets: northern New Jersey/New York City; Los Angeles; San Francisco Bay Area; Seattle; Miami; and Washington, D.C.
