Hialeah Warehouses Trade For $48 Million

Terreno Realty Corporation acquired an two warehouses within Countyline Corporate Park in Hialeah for a purchase price of approximately $48.1 million, net of free-rent credits.

The deal closed March 17.

The property consists of two recently developed rear-load 32-foot clear industrial distribution buildings containing approximately 274,000 square feet on 15.9 acres. The property is at 4021-4071 West 108^th Street, adjacent to Florida’s Turnpike and the southern terminus of I-75, provides 92 dock-high and four grade-level loading positions, parking for 287 cars and is expected to obtain LEED certification. The property is 100% pre-leased to five tenants with leases commencing between March 1 and July 1, 2021 and the estimated stabilized cap rate is 3.7%.

Although the buildings were just completed, they are already 100% leased with five tenants, Terreno said.

 

Source:  Terrano Realty Corporation