CBRE arranged the purchase of an 85,000-square-foot industrial building in Miami, FL, on behalf of Terreno Realty Corporation (NYSE: TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets. The asset at 11205 NW 131st Street was acquired for $8.9 million from Canaan Trading Company, a premier food and food supplies distributor. The property was 100% occupied by three tenants at the time of sale. CBRE represented Terreno in the transaction.
“With Doral buildings getting priced out for most investors, Medley has become a clear pursuit for the institutional-quality assets. This deal took over a year to put together and it is a testament to Terreno’s dedication to continued growth in Miami,” said CBRE Vice President Devin White.
The property is a Class A industrial distribution building divided in to three functional distribution spaces. Containing approximately 85,000 square feet on 4.7 acres, the property is situated along Okeechobee Road adjacent to the Florida Turnpike. It provides 20 dock-high and two grade-level loading positions with 24’ to 26’ clear heights in the warehouse.
CBRE Senior Vice President David Albert and Associate Andrew Lehrer assisted in the transaction.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.