Terreno Realty Corporation Acquires Property In Hialeah For $39.4 Million
The property consists of one recently developed rear-load 32-foot clear industrial distribution building containing approximately 221,000 square feet on 11.4 acres.
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The property consists of one recently developed rear-load 32-foot clear industrial distribution building containing approximately 221,000 square feet on 11.4 acres.
The sale was a classic value-add opportunity with rents at 10-20% below market for small bay warehouses.
The plaza totals 11,975 square feet.
Bridge’s growing South Florida asset management portfolio currently spans 5 MSF+ of Class-A industrial space.
The 240,669-square-foot building was 95% leased at the time of the sale.
The asset was completed in Q2 2020 and is approximately 98 percent leased.
Berkadia arranged $14.1 million in acquisition financing on behalf of Foundry Commercial for the acquisition.
The property covers 25 acres.
CBRE’s Larry Genet, Tom O’Loughlin, and Jake Zebede represented the owner in the sale of the industrial warehouse.
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