Terreno Pays $8M for Miami Distribution Facility
The property, which is fully leased to one tenant on a short-term basis, is scheduled to undergo a series of improvements in 2018.
By Timea Papp
1775 NW 70th Ave. in Miami
Terreno Realty Corp. completed the $8.4 million acquisition of a Miami industrial facility totaling approximately 59,000 square feet. According to public records, the seller was an entity affiliated with The Apollo Group, a Miami-based cruise ship catering services provider.
Located at 1775 NW 70th Ave., the property is located on a 3.2-acre site and was completed in 1974. The building features 10 dock-high and one grade-level loading positions and provides 148 parking spaces. Currently fully occupied by one tenant on a short-term basis, the facility will undergo a series of renovations in 2018. The estimated stabilized cap rate of the property is 5.4 percent.
Growing portfolio
The property is adjacent to Miami International Airport and four existing Terreno assets nearby, including a 15,965-square-foot facility located at 2000 NW 70th Ave., a 35,000-square-foot airfreight distribution building at 1601 NW 70th Ave., a 55,000-square-foot property at 1855 70th Ave. and a facility totaling 53,558 at 1940 NW 70th Ave.
Last month, the REIT paid $6.8 million for an industrial facility in Miami’s Airport West submarket. Terreno’s Miami portfolio encompasses approximately 1.9 million square feet of industrial space with a 98.1 percent occupancy rate.
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