Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property in Hialeah on July 14 for a purchase price of approximately $39.4 million, net of free-rent credits.
The property consists of one recently developed rear-load 32-foot clear industrial distribution building containing approximately 221,000 square feet on 11.4 acres. The property is at 4151 West 108th Street, immediately adjacent to Terreno Realty Corporation’s buildings at 4021-4071 West 108th Street and adjacent to Florida’s Turnpike and the southern terminus of I-75. The property provides 65 dock-high and two grade-level loading positions and parking for 188 cars and is expected to obtain LEED certification. The property is 100% pre-leased to three tenants with leases expected to commence between July 16 and September 30, 2021 and the estimated stabilized cap rate is 3.7%.
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.
Terreno Realty Corporation acquires, owns and operates industrial real estate 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.
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