San-Francisco-based Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today that it has executed a lease for 301,983 square feet at its 215 10th Avenue property in Hialeah with a manufacturer and distributor of custom retail fixtures.
The lease commenced March 1, 2015 and expires January 2026.
Jose I. Juncadella, SIOR, Principal at Fairchild Partners, Inc., represented the landlord in the deal.
The building is the former headquarters for sugar firm Banah International Group Inc. In February 2013, Terreno filed an eviction notice against the 300,000 square foot tenant, however, in March 2013, U.S. Bankruptcy Judge A. Jay Cristol ruled that Banah could remain at the facility while the company continued working toward bankruptcy reorganization, as long as the company paid its monthly rent of $88,891 on time, according to bankruptcy court records.
Banah moved into its headquarters in early 2012 after securing $400,000 in tax breaks from the State of Florida and other local economic development departments. Miami-Dade County also renamed part of Southeast 10th Avenue after the company – Banah Sweet Way. CRE-sources reported that the 11-year deal, valued at between $15 million and $20 million, was one of top leases signed in 2011.
Terreno owns and operates industrial real estate in Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C./Baltimore.
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