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Terreno Realty Corp. Acquires $73M Industrial Property

stacks of cash

Industrial real estate acquirer, owner and operator Terreno Realty Corp. has acquired an industrial property in Hialeah for $73.2 million, net of free-rent credits.

The property comprises two recently-developed rear-load industrial distribution buildings, which total 407,000 square feet.

The structures feature 32-foot clear heights, 124 dock-high loading positions, four grade-level loading positions and a 359-space parking lot.

The property is expected to obtain LEED certification.

The buildings are fully pre-leased to two tenants that are expected to take occupancy in May 2022 and September 2022. The estimated stabilized cap rate of the property is 3.8%.

Spanning 19.8 acres, the property is located at 4281-4341 W. 108 St. and is situated adjacent to Terreno Realty Corp.’s five existing buildings on W. 108th St. The acquired property is also situated near Florida’s Turnpike and the southern terminus of Interstate 75.

 

Source:  GlobeSt.