May 9, 2016
San Francisco-based Terreno Realty Corp. has acquired a 54,000-square-foot distribution building on 1.9 acres immediately adjacent to Miami International Airport. According to public records, the former owner was 1970 Warehouse LLC. Terreno acquired the asset at 1940-1970 NW 70th Ave., for $6.4 million.
The building is 100% leased to two tenants, Jet Box International and Metal Improvement Co. The estimated stabilized property cap rate is 6.3%.