Terreno Realty pays $56.3M for a Hialeah Gardens warehouse

Terreno Nw 144th Llc closed on a 98,000-square-foot warehouse at 10910 NW 144th St in Hialeah Gardens on June 17 for $56.3 million, according to the Miami-Dade Property Appraiser and the buyer’s own Florida filing. The entity’s Sunbiz registration lists its principal address as 101 Montgomery St in San Francisco, the same headquarters Terreno Realty Corporation (NYSE: TRNO) lists in its SEC filings, confirming the buyer is the publicly traded industrial REIT rather than a same-named coincidence.

Why it matters

The county record captures the lot at 733,148 square feet, which is not the number a developer should price against. The building on that site is 98,000 square feet, and the $56.3 million works out to roughly $575 per built square foot for a fully leased, 2022-vintage last-mile facility. That is a materially different underwriting exercise than pricing raw industrial land, and conflating the two produces a distorted read on what institutional buyers are paying for finished, income-producing product in this submarket.

The numbers

Land alone, the deal pencils at $76.72 per square foot across the 733,148-square-foot lot, an appraiser figure that converts to about 16.8 acres. Our land-wire tracking of nearby industrial trades since March shows a range from $65.94 per square foot on a 147,930-square-foot Medley parcel to $361.25 per square foot on a much smaller 13,841-square-foot Doral site, with larger lots consistently pricing lower per foot. Terreno’s basis sits at the low end of that range, in line with its size. The building is 100% leased to what Terreno’s release calls a leading e-commerce firm, at a 5.0% stabilized cap rate, with nine dock-high and six grade-level doors and parking for 596 cars. Trade coverage has identified the tenant as Amazon, though Terreno’s own filing does not name it. The seller, Cv Hialeah Gardens Llc, traces to New York-based Clarion Partners, which developed the building in 2022 with Orlando’s Cadence Development Partners.

What’s next

Terreno disclosed four Q2 acquisitions totaling roughly 518,000 square feet for $172.3 million companywide, so this is one leg of a broader buying push into last-mile industrial. Watch whether the REIT files another South Florida acquisition before its next quarterly update, and whether the tenant identity gets confirmed in a future SEC disclosure.