Terreno Realty acquires property in Elizabeth, NJ for $15.4M

Terreno Realty acquired an industrial property located in Elizabeth, New Jersey on November 29, for a purchase price of approximately $15.4M. The property consists of one industrial distribution building containing approximately 23,000 square feet on 1.8 acres. The property is at 629 Henry Street, adjacent to Newark Liberty International Airport and Exit 13A of the New Jersey Turnpike, provides two dock-high and two grade level loading positions and parking for 37 cars. The property is 100% leased on a short-term basis and the estimated stabilized cap rate is 5.4%