Terreno Realty Corp. (TRNO) recently announced the acquisition of an industrial property in Medley.
Valued at around $6 million, this buyout is consistent with this industrial real estate investment trust’s (“REIT”) strategy of enhancing its industrial property portfolio in major U.S. markets.
The acquired property comprises of one industrial distribution building, of about 60,000 square feet, spread over an area of around 2.7 acres. This industrial property is located at 12950 NW South River Drive, Miami-Dade County and is close to North Okeechobee Road and the Florida Turnpike. Notably, the property is fully leased to one tenant and offers 10 dock-high and 1 grade-level loading positions, and parking facility for 55 cars.
The latest acquisition is expected to boost Terreno Realty‘s bottom line going ahead. This San Francisco, CA-based REIT actively focuses on leveraging the improving fundamentals of industrial markets, bolstering its business in key coastal U.S. markets like Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C./Baltimore.