Terreno Realty Corp. Pays 74.1 Million For Hialeah Industrial Property
The property consists of two recently developed rear-load 32-foot clear industrial distribution buildings containing approximately 402,000 square feet on 19.0 acres.
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The property consists of two recently developed rear-load 32-foot clear industrial distribution buildings containing approximately 402,000 square feet on 19.0 acres.
The property consists of 35,850 square feet of retail space along University Drive, plus 19,680 square feet of office suites tucked behind the shopping center.
Negotiations are underway with a national grocer, gas station, high end national coffee shop, national dental provider, a first-class daycare, as well as several other restaurants and service-oriented businesses.
The future office space is projected to be completed in 2023 and will be able to accommodate a large variety of clientele with single tenant potential.
The Castle Beach Club site represents the rare opportunity for developers to build a project that would re-shape the Miami Beach Skyline.
In addition, Berkadia lined up a $280.3 million loan for the acquisition.
JLL marketed the property on behalf of the seller, KDD Enterprises Inc., which has owned the property since it was developed in 1995.
New York-based DRA Advisors bought the 1.7 million-square-foot office park
Once completed in the spring of 2022, the project will be a state-of-the-art warehouse facility with modern features such as a 36-foot clear height and 110 dock-high doors.
The firm moved from Palmetto Park City Center at 120 E. Palmetto Park Road.
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