Terreno Realty Acquires Hialeah Gardens Industrial Property For $56.3M

 Terreno Realty Corporation acquired an industrial property located in Hialeah Gardens on June 17 for a purchase price of approximately $56.3 million.

The property consists of one industrial distribution building containing approximately 98,000 square feet on 16.8 acres. The property is at 10910 NW 144th Street, adjacent to the intersection of Florida’s Turnpike and Okeechobee Road, and provides nine dock-high and six grade-level loading positions and parking for 596 cars.

The warehouse project was built in 2022 for a joint venture between Orlando-based Cadence Development Partners and New York-based Clarion Partners. Construction began in August 2021.

The building is 100% leased to a leading e-commerce firm. The estimated stabilized cap rate is 5.0%.