Terreno Realty Corporation (NYSE:TRNO) acquired an industrial property located in Miami Gardens, Florida on December 15, 2011 for a purchase price of approximately $7.2 million.
The property consists of one trans-shipment industrial building and separate maintenance facility containing approximately 58,000 square feet on approximately 13.0 acres. The 86 door truck terminal is adjacent to the Palmetto Expressway in northern Miami-Dade County and is 100% leased to one tenant. The estimated stabilized cap rate of the property is 7.3%.
Terreno Realty Corporation is an acquirer, owner and operator of industrial real estate located in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C./Baltimore.Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.
Source: Miami Herald
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