Hialeah Warehouse Properties Sell for $74M

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Terreno Realty Corp. is expanding its industrial holdings in Hialeah, Fla., the firm announced  Thursday.

In its latest acquisition, Terreno, a real estate investment trust based in San Francisco, paid $74.1 million for two industrial buildings in Hialeah, which are adjacent to properties it already owns.

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The new Hialeah properties include two recently developed warehouses totaling 402,000 square feet on 19 acres. The warehouses are at 4181-4241 West 108th Street, near Florida’s Turnpike and the end of Interstate 75. 

The newly acquired warehouses are 100 percent pre-leased to seven tenants. The property includes 328 parking spaces.

Terreno owns three adjacent buildings – including 4151 West 108th Street, which the company bought for $39 million in July.

Terreno said in a statement that the capitalization rate of the property is 3.8 percent.

The rich valuation reflects strong interest in distribution space, a sector that has seen a flurry of recent deals. In one example, a Coral Springs property leased to Amazon sold this week for $91.8 million. And two cold storage warehouses in Miami-Dade County traded last week for $74 million.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.