Terreno Realty Corp. has sold 70 Schoolhouse Rd., an 86,000-square-foot, fully leased industrial property in Somerset, New Jersey for $25 million to an undisclosed buyer. Lee & Associates New Jersey’s Dan Badenhausen and Andrew Stypa represented the seller, Terreno Realty.
Situated on nearly 7 acres, the property is fully leased to a single tenant. Terreno Realty, a public real estate investment trust, acquired the property in 2016; the sale price is nearly triple the firm’s initial purchase price.
“Investment demand for industrial space continues unabated throughout the State of New Jersey,” Badenhausen noted. “This offering was met with competitive bidding by a diverse group, including institutional and private players.”
