Terreno Acquires Medley Building

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 Medley on November 19 for a purchase price of approximately $8.9 million.
The property consists of one industrial distribution building of approximately 85,000 square feet on 4.7 acres adjacent to North Okeechobee Road and Florida’s Turnpike.
The property, located at 11205 NW 131st Street, provides 20 dock-high and two grade-level loading positions and is 100% leased to three tenants.
The estimated stabilized cap rate of the property is 5.5%.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.
 

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