Terreno Realty Corp. Acquires $74M Industrial Property
The company has purchased a newly-developed, two-building property in Hialeah, FL, which spans 402,000 square feet.
HIALEAH, FL – Acquirer, owner and operator, Terreno Realty Corp. has purchased an industrial property in Hialeah, FL for $74.1 million, net of free-rent credits.
The property comprises two recently-developed industrial distribution buildings that span 402,000 square feet across 19 acres of land. The rear-load properties offer 32-foot clear heights, 124 dock-high and four grade-level loading positions, and 328 parking spaces.
The property is expected to obtain LEED certification, and is 100% pre-leased to seven tenants. One of the leases is expected to commence in December 2021, with the remained of the leases to commence prior to June 30 2022.
Located at 4181-4241 West 108th St., the buildings are situated adjacent to three of Terreno Realty Corp.’s existing buildings on W. 108th St.
The property’s estimated stabilized cap rate is 3.8%. The 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.