Terreno Picks Up Miami Industrial Facility
- Oct 27, 2017
Terreno Realty Corp. completed the acquisition of an industrial property totaling approximately 38,000 square feet in Miami’s Airport West submarket. Floral Holdings LLC, an entity affiliated with a New Jersey-based floral distribution and logistics company, sold the asset in a $6.8 million deal, public records show.
Located at 1480 NW 94th Ave. in Doral, Fla., on a 3.3-acre site, the industrial distribution facility was completed in 1989 and is 100 percent occupied by one tenant. The property features 10 dock-high and one grade-level loading positions and provides 49 parking spaces. The estimated stabilized cap rate of the property is 5.4 percent.
Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy divided by total acquisition cost. According to public records, the asset last changed hands in 1999 for $2.4 million.
Terreno acquires, owns and operates industrial assets 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. Earlier this year, the company paid $6.3 million for a 64,575-square-foot industrial property located in Miami’s Airport East submarket.
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