Kearny, N.J. (October 7, 2021) – NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces it has negotiated the purchase of a 5.4-acre improved land parcel at 97 Third Street in Kearny, N.J. for $26.3 million. NAI James E. Hanson’s Kenneth Lundberg, SIOR, Patrick Lennon, and Lorenzo Lambiase, MBA, represented the buyer, Terreno (NYSE: TRNO) in the transaction.
Located just five miles from Port Newark, 97 Third Street lies just off Exit 15E on the New Jersey Turnpike and provides unparalleled accessibility to one of the most competitive industrial markets on the East Coast. The acquisition is the latest New Jersey addition in Terreno’s growing portfolio of industrial real estate assets across six major coastal U.S. markets including the northern New Jersey and New York City market. With the acquisition, Terreno’s portfolio in the northern New Jersey and New York City area now spans 63 buildings and 3,570,180 square feet.
“Finding suitable investment properties in the northern New Jersey and New York City area only grows more difficult by the day,” said Lundberg. “In such a tight market, it has never been more important for buyers to tap a seasoned and experienced team of brokers that have the local relationships and market knowledge to find deals. We are pleased to be able to leverage our expertise in this region to help Terreno enhance its portfolio.”