Terreno Realty sells East Rutherford industrial warehouse for $25 million
Terreno Realty Corporation just sold an 86,000-square-foot warehouse for $25 million.
The short version
- The property sits at 180 Manor Road in East Rutherford.
- The buyer operates nearby and will use it as headquarters.
- Lee & Associates New Jersey Office arranged the deal.
Lee & Associates New Jersey Office, a commercial real estate brokerage firm, just arranged the $25-million sale of an 86,000-square-foot warehouse property in East Rutherford, according to Connect CRE. The building at 180 Manor Road sold for a hefty price in a tight market.
Terreno Realty Corporation, a publicly traded real estate investment trust that owns industrial properties, was the seller in the transaction. Troy Wisse, Michael Schaible and Eduardo Lopez represented Terreno Realty Corporation and procured the buyer. The buyer already operates from a nearby building and paid $25 million to expand into the new headquarters.
Wisse said finding quality properties available for purchase is challenging in high-barrier-to-entry markets. The facility sits near routes 17 and 3, I-80, I-280 and the New Jersey Turnpike at Exit 16W. For local business owners, finding a warehouse with highway access in Bergen County gets tougher every year.
At $25 million for 86,000 square feet, that works out to about $290 a square foot for prime Meadowlands space.
