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Terreno Realty acquires Newark, NJ building for $15M

Terreno Realty acquired an industrial property located in Newark, New Jersey on July 25 for a purchase price of approximately $15M. The estimated stabilized cap rate of the property is 5.6%. 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.