Terreno Realty Corporation acquired an industrial property located in Miami on November 2 for a purchase price of approximately $6.1 million.
The property consists of one industrial distribution building containing approximately 55,000 square feet on 2.0 acres immediately adjacent to Miami International Airport. The property is at 1855 NW 70th Avenue, provides ten dock-high and one grade-level loading positions and is 100% leased to one tenant.
The estimated stabilized cap rate of the property is 5.3%.
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.