An affiliate of national industrial property investor Terreno Realty Corp. bought Miami Industrial Trade Center in Medley for $17.25 million.
The Realty Associates Fund VII, managed by Boston-based TA Realty, sold the 154,560-square-foot warehouse at 8455 N.W. 74th St. to Terreno MITC, an affiliate of San Francisco-based Terreno Realty (NYSE: TRNO). Located just west of the Palmetto Expressway, which runs along Miami International Airport, the building has 24-foot clear ceiling height.
The price equates to $112 a square foot.
Miami Industrial Trade Center was built in 1996 and last sold for $11.25 million in 2005.
Terreno Realty owns 141 buildings for a combined 10.6 million square feet in six markets: Miami, Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle and Washington, D.C./Baltimore.