BELLEVUE, Wash.–(BUSINESS WIRE)–Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property in Miami, Florida on April 6, 2021 for a purchase price of approximately $5.8 million.
The 5.8-acre improved land parcel at 3000 NW 73rd Street is approximately three miles from Miami International Airport and six miles from both PortMiami and Downtown Miami. The property is vacant. Terreno Realty Corporation plans to redevelop the property with two LEED-certified industrial distribution buildings totaling approximately 129,000 square feet with 36 dock-high loading positions, 32’ clear height and parking for 104 cars. The total expected investment in the redeveloped property is approximately $20.0 million with a stabilized cap rate of 5.1% and an anticipated stabilization in the fourth quarter of 2022.
Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost. 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.
Terreno Realty Corporation acquires, owns and operates industrial real estate 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.
Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.
