Terreno sells Somerset industrial building for $25 million, nearly tripling purchase price

Terreno Realty Corp. has sold an 86,000-square-foot industrial building in the Somerset section of Franklin for $25 million, nearly tripling the price it paid for the property in 2016.

The fully leased building, 70 Schoolhouse Road, sits on 6.9 acres less than three miles from Interstate 287. The deal follows Terreno’s purchase of the building in September 2016 for $9.1 million, the Bellevue, Washington-based firm said, noting that its investment generated an unleveraged internal rate of return of 20.7 percent.

Terreno did not list the buyer’s name, but public records show the new owner, CIVF VII-NJ1W01 LLC, shares an address with Cabot Properties, a Boston-based private equity real estate firm focused on the logistics sector.

Dan Badenhausen and Andrew Stypa of Lee & Associates New Jersey represented both parties in the transaction.