Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, sold an industrial property located at 130 Interstate Blvd. in South Brunswick, NJ for approximately $144.2 million, or about 640% of what the company paid to acquire it. The buyer was not disclosed.
The property consists of a 603,000-square-foot industrial distribution building on 35.5 acres which is 100% leased. The original property, which spanned 413,000 square feet, was purchased by Terreno in September 2010 for $22.5 million.
In 2013, Terreno acquired the adjacent land and expanded the building by 190,000 square feet for an additional investment of $13.6 million. The unleveraged internal rate of return generated by the investment was 13.4%, according to Terreno.
Terreno continues to own the neighboring 110 Interstate Blvd. along with more than 40 other properties in North and Central Jersey.
Photo courtesy of MRP Industrial.
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