San Francisco-Based Terreno Realty Acquires Hialeah Warehouse For $39 Million

A San Francisco-based real estate investment trust has added to its industrial holdings in the Miami area.

The openly traded Terreno Realty Corp. paid $39.4 million for a 221,000 Sq Ft. shipping center on 11.4 acres at 4151 West 108th Street in Hialeah, Florida.

The dealer was Flagler, the development subsidiary of Florida East Coast Industries.

The recently acquired property is 100% leased to three tenants, per Terreno. But, the new owner didn’t name the tenants because their leases had yet to commence.

Terreno’s latest purchase is adjacent to another property it owns. In March, the REIT paid $48 million for 274,000 Sq Ft. of shipping space at 4021-4071 West 108th Street in Hialeah, Florida.

Terreno holds and operates industrial real estate in logistics hubs, including Los Angeles, northern New Jersey and New York City, the San Francisco Bay region, and Seattle.