Terreno Realty Sells New Jersey Industrial Property for $8.8 Million

Terreno Realty Corp. (TRNO) sold a vacant industrial property in Fairfield, New Jersey, on September 25 for approximately $8.8 million, the industrial REIT announced September 28. The asset is a 31,000-square-foot distribution building on 2.2 acres. Terreno acquired the property on July 23, 2013, for $2.8 million, generating an unleveraged internal rate of return of 11.9%. Shares of TRNO traded 0.05% lower at $66.57 in after-hours Nasdaq trading, following a 0.80% decline at the close on September 28.