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**Terreno Realty Sells South Brunswick Industrial Property for $144.2 Million**
Terreno Realty Corporation, a real estate investment firm specializing in industrial assets across six major U.S. coastal markets, has sold its industrial property located at 130 Interstate Boulevard in South Brunswick, New Jersey, for approximately $144.2 million. The buyer was not disclosed.
The property includes a 603,000-square-foot industrial distribution facility situated on 35.5 acres and is fully leased. Terreno originally acquired the 413,000-square-foot facility in September 2010 for $22.5 million. In 2013, the company expanded the building by an additional 190,000 square feet after acquiring adjacent land and investing another $13.6 million.
The sale price reflects a return of roughly 640% over the original purchase price, with the unleveraged internal rate of return reaching 13.4%, according to Terreno.
Despite the sale, Terreno maintains a presence in the region with continued ownership of the neighboring 110 Interstate Boulevard, along with more than 40 other properties in North and Central New Jersey.
*Photo courtesy of MRP Industrial.*
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