WEST CALDWELL, NJ—San Francisco, Calif.-based Terreno Realty Corp. has acquired an industrial property located at 1 Dodge Drive in West Caldwell, N.J. for approximately $6.8 million.
Situated on nearly 9.0 acres, the property consists of one multi-tenant rear-load industrial distribution building spanning approximately 93,000 sq. ft. Currently 100 percent leased to a wholesale distributor of electrical products, the property offers close proximity to interstates 80 and 280, as well as U.S. Route 46.
Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.