{"id":1004196073,"date":"2017-11-03T00:21:38","date_gmt":"2017-11-03T08:21:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004196073"},"modified":"2022-12-09T01:29:23","modified_gmt":"2022-12-09T09:29:23","slug":"terreno-pays-8m-for-miami-distribution-facility","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/terreno-pays-8m-for-miami-distribution-facility\/","title":{"rendered":"Terreno Pays $8M for Miami Distribution Facility"},"content":{"rendered":"<p>By Timea Papp<\/p>\n<div id=\"attachment_1004196074\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/terreno.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004196074\" data-attachment-id=\"1004196074\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/terreno-pays-8m-for-miami-distribution-facility\/terreno-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/terreno.png\" data-orig-size=\"964,723\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1775 NW 70th Ave. in Miami\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1775 NW 70th Ave. in Miami&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/terreno.png?w=964\" loading=\"lazy\" class=\"wp-image-1004196074 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/terreno.png\" alt=\"1775 NW 70th Ave. in Miami\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/terreno.png 964w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/terreno.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/terreno.png?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004196074\" class=\"wp-caption-text\">1775 NW 70th Ave. in Miami<\/p><\/div>\n<p>Terreno Realty Corp. completed the $8.4 million acquisition of a Miami industrial facility totaling approximately 59,000 square feet. According to public records, the seller was an entity affiliated with The Apollo Group, a Miami-based cruise ship catering services provider.<\/p>\n<p>Located at 1775 NW 70<sup>th<\/sup> Ave., the property is located on a 3.2-acre site and was completed in 1974. The building features 10 dock-high and one grade-level loading positions and provides 148 parking spaces. Currently fully occupied by one tenant on a short-term basis, the facility will undergo a series of renovations in 2018. The estimated stabilized cap rate of the property is 5.4 percent.<\/p>\n<h2>Growing portfolio<\/h2>\n<p>The property is adjacent to Miami International Airport and four existing Terreno assets nearby, including a 15,965-square-foot facility located at 2000 NW 70<sup>th<\/sup> Ave., a 35,000-square-foot airfreight distribution building at 1601 NW 70<sup>th<\/sup> Ave., a 55,000-square-foot property at 1855 70<sup>th<\/sup> Ave. and a facility totaling 53,558 at 1940 NW 70<sup>th<\/sup> Ave.<\/p>\n<p>Last month, the REIT paid $6.8 million for an <a href=\"https:\/\/www.commercialsearch.com\/news\/terreno-picks-up-miami-industrial-facility\/\">industrial facility in Miami<\/a>\u2019s Airport West submarket. Terreno\u2019s Miami portfolio encompasses\u00a0approximately 1.9 million square feet of industrial space with a 98.1 percent occupancy rate.<\/p>\n<p><em>Image via Google Maps<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property, which is fully leased to one tenant on a short-term basis, is scheduled to undergo a series of improvements in 2018.<\/p>\n","protected":false},"author":240,"featured_media":1004196074,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,21783,1492,21742],"tags":[33863],"class_list":["post-1004196073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-investment","category-miami","category-latest","tag-terreno-realty-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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