Terreno Realty Corp. reports it has purchased a 53,000-square-foot industrial building for $6 million.
The acquisition involves one multi-tenant industrial building and an adjacent improved lot totaling 2.28 acres.
Terreno, headquartered in San Francisco, is an acquirer, owner and operator of industrial real estate in Los Angeles, the Northern New Jersey/New York City market, the San Francisco Bay area, Seattle, Miami, and the Washington, D.C./Baltimore region. Terreno’s portfolio totals more than 5.1 million square feet of industrial real estate.
The property, located at 11800 NW 101st Road in Medley adjacent to Miami Dade County’s Flagler Station Business Park, was vacant when it went under contract with Terreno, but has since been leased to a logistics company. The lease term with the unnamed logistics firm at the recently completed front load distribution building runs from August 2013 to October 2018.
The improved lot is 100% leased to a provider of ground small-package delivery services. The estimated stabilized cap rate of the property is 7.0%, Terreno officials state.
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