Blake Baird Of Terreno Realty Corporation Acquires Industrial Facility For $56.3 Million In Hialeah Gardens

Terreno Realty Corporation has acquired a distribution facility located at 10910 Northwest 144th Street in Hialeah Gardens, FL. The asset features a total square footage of 98,000 and was purchased for the price of $56,300,000, equating to a price per square foot of $574. This fully leased facility is strategically situated near Florida’s Turnpike and Okeechobee Road, catering to an e-commerce tenant.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $56,300,000
• Buyer: Blake Baird - Terreno Realty Corporation
• Sale Price per Square Foot: $574
• Square Footage: 98,000
• Market: Hialeah Gardens, FL

This transaction marks an expansion of Terreno Realty Corporation's industrial portfolio in South Florida. The property is anticipated to generate a stabilized cap rate of 5.0%, reflecting continued strong demand for logistics space within the Miami area.