Terreno Realty Sells Miami Industrial Asset for $22M

The company carried out extensive upgrades to the 192,000-square-foot property in 2012.
14100 NW 60th Ave.

Terreno Realty Corp. has finalized the $22.2 million disposition of a 192,000-square-foot industrial building in Miami Lakes, Fla. A private investor acquired the property, which was fully leased to an international freight company at the time of the sale. The asset last changed hands in 2010, when Terreno paid $7.8 million for it. The company had an unleveraged rate of return of 7.4 percent on its investment, according to a statement.

Located on 13 acres at 14100 NW 60th Ave., inside a Foreign Trade Zone, the single-story facility was built in 1971. The seller executed a comprehensive capital improvement plan at the property in 2012, according to Yardi Matrix. The building has a two-story office component, 24-foot clear heights, 26 dock-high doors and refrigerated storage. The distribution center is 3 miles from Miami-Opa Locka Executive Airport and 4 miles from Interstate 75.

In June, Terreno Realty Corp. sold a three-property industrial portfolio totaling 340,000 square feet in the Washington-Baltimore corridor for $51 million. Cushman & Wakefield assisted the seller in the transaction to Longpoint Realty.