Terreno Realty Acquires Florida Distribution Center for $48M
The industrial property comprises two recently-built buildings, which are 100% pre-leased to five tenants.
Terreno Realty Corp. has acquired a 274,000-square-foot industrial property in Hialeah, FL for $48.1 million.
The acquired property comprises two recently-developed, rear-load, industrial distribution buildings, which span across 15.9 acres of land.
Located at 4021-4071 W. 108th St, the property offers 32-foot ceiling heights, 92 dock-high loading positions, four grade-level loading positions and 287 parking spaces.
The buildings are expected to obtain LEED certification.
The property is 100% pre-leased to five tenants, with leases commencing between March 1 and July 1 of this year.
The property has an estimated stabilized cap rates of 3.7%. 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.
The transactions was completed on March 17, 2021.