Terreno Realty Sells Miami Industrial Building for $21.3M
The public REIT's exit prices what stabilized Miami-Dade industrial actually trades for after a 14-year hold.
Terreno Realty Corporation (NYSE: TRNO) sold a 113,000-square-foot industrial distribution building in Miami for approximately $21.3 million on August 26, closing out a 14-year hold that began with an $8.9 million purchase in September 2012. The building sat on 3.4 acres and was 100% leased to a single tenant at the time of sale.
Why it matters
Terreno is a publicly traded industrial REIT with no reason to hide the math, which makes this exit unusually clean data for anyone underwriting Miami-Dade industrial right now. The sale works out to roughly $188.50 per square foot, more than double the $78.76 per square foot Terreno paid in 2012, on a fully stabilized, single-tenant building. That is a real-world price ceiling test for South Florida industrial at a moment when landlords and buyers are both trying to figure out where values actually sit after two years of higher rates. Terreno reported an 11.1% unleveraged internal rate of return on the investment, a concrete benchmark for what a long-hold, buy-and-lease industrial strategy returned in this market rather than a pro forma projection.
The numbers
The building totals 113,000 square feet on 3.4 acres and was fully leased to one tenant at closing. Terreno bought the property for $8.9 million in September 2012 and sold it for approximately $21.3 million on August 26, 2026, a 2.4x return on the original purchase price. That works out to about $78.76 per square foot at acquisition versus roughly $188.50 per square foot at exit. The unleveraged IRR on the hold was 11.1%.
What’s next
Terreno operates across six coastal U.S. industrial markets, including Miami, and routinely recycles capital by selling stabilized assets to fund new acquisitions and development. The company did not name the buyer or the tenant in its release. For developers and owners holding older-vintage Miami-Dade industrial, this sale is a fresh comparable for what a fully occupied, single-tenant building commands today, and a reminder that even land-constrained Miami industrial has a ceiling buyers will actually pay.