Terreno Realty Corp. Acquires $73M Industrial Property
The property totals 407,000 square feet.
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The property totals 407,000 square feet.
The sale closed at a 3.59 percent capitalization rate, which was a record capitalization for all Walgreens stores nationally.
Construction on the new warehouse is expected to start towards the end of 2022 and take about a year to a year and a half to complete.
The 80,361-square-foot property includes two freestanding outparcel buildings.
The properties include 16 warehouses, spanning 23 acres in total.
The building was originally built in the mid-seventies.
The complex is 90 percent leased to 40 tenants from a variety of industries including healthcare, law, finance and engineering.
The firm will occupy the 24,000 square foot ground floor retail space which was formerly occupied by a grocery tenant and more recently used as a furniture showroom.
Tricera acquired the buildings for $13.25 million in January 2019.
“Despite the many challenges our world has been facing due to the pandemic, the commercial real estate industry is booming, and South Florida is a top destination for business relocation,” said Christopher Thomson, the 2022 president.
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