7045 NW 46th St
Update
10/25/22
Terreno Realty Corporation Acquires Property in Miami, FL for $4.7 Million
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 located in Miami, Florida on October 24, 2022 for a purchase price of approximately $4.7 million.
The property consists of one industrial distribution building containing approximately 16,000 square feet on 0.7 acres. The property is at 7045 NW 46th Street, adjacent to Miami International Airport and the Palmetto Expressway, provides 2 dock-high loading positions and parking for 15 cars. The property is vacant and the estimated stabilized cap rate is 5.2%.
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.
Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.
