Terreno Realty Corporation Acquires Buildings in Miami Gardens for $7.2 Million
Terreno Realty Corporation (NYSE: TRNO) acquired an industrial property located in Miami Gardens, Florida on December 15, 2011 for a purchase price of approximately $7.2 million.
The property consists of one trans-shipment industrial building and separate maintenance facility containing approximately 58,000 square feet on approximately 13.0 acres. The 86 door truck terminal is adjacent to the Palmetto Expressway in northern Miami-Dade County and is 100% leased to one tenant. The estimated stabilized cap rate of the property is 7.3%.
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