8050 Northwest 90th Street Update 07/07/22

Terreno Realty Acquires Property in Medley for $20M

Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property in Medley, Florida on July 5, 2022 for a purchase price of approximately $20.0 million.

The 6.7-acre improved land parcel at 8050 NW 90th Street is adjacent to the intersection of the Palmetto Expressway and West Okeechobee Road. The property is vacant and the estimated stabilized cap rate is 5.6%.

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.

8050 Northwest 90th Street

Photo: Miami-Dade Property Appraiser

 

 

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