Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in Miami on May 4th for a purchase price of approximately $6.4 million.
The property consists of one industrial distribution building containing approximately 54,000 square feet on 1.9 acres immediately adjacent to Miami International Airport.
The property is at 1940-1970 NW 70th Avenue, provides eight dock-high and one grade-level loading positions and is 100% leased to two tenants. The estimated stabilized cap rate of the property is 6.3%.
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./Baltimore.