Terreno Realty Sells Miami 113,000-Sqft Industrial Property for $21.3M
Terreno Realty sold a fully leased industrial property in Miami for about $21.3 million. The asset includes a 113,000-square-foot distribution building on 3.4 acres and is 100% leased to a single tenant. Purchased in 2012 for $8.9 million, it produced an unleveraged internal rate of return of 11.1% and reflects Terreno’s capital recycling strategy in coastal industrial markets.