Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Doral on Oct. 23, 2017 for a purchase price of approximately $6.8 million.
The property consists of one industrial distribution building containing approximately 38,000 square feet on 3.3 acres at 1480 NW 94th Avenue in Miami’s Airport West submarket. The property provides 10 dock-high and one grade-level loading positions, parking for 49 cars and is 100% leased to one tenant. The estimated stabilized cap rate of the property is 5.4%.
Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C.