Terreno buys Miami-Dade warehouses

San Francisco-based real estate investment trust Terreno has paid nearly $17 million for two Miami-Dade County warehouses totaling 530,000 square feet.

Jose Juncadella, managing principal of Coral Gables-based Fairchild Partners, handled the larger of the deals, brokering the $9 million sale of a 302,000-square-foot warehouse at 215 S.E. 10th Ave., in Hialeah. The building, formerly home to Lagasse Paper, sits on 10.5 acres and includes 25,000 square feet of office space, 200 parking spaces and 20-foot-high ceilings. The seller was TA Associates.

In a separate deal, Terreno paid $7.8 million for the 230,000-square-foot building that is now home to Furniture Power in Miami Lakes.

The building, at 14100 NW 60th Ave., the former Elizabeth Arden headquarters, sits on 13.2 acres. It has 40,000 square feet of office space, 600 parking spaces and 24-foot-high ceilings. Rene Vivo, of Vivo Real Estate Group, represented the seller, Miami LK FP.

In the case of the Hialeah building, Juncadella laid out a plan so that the warehouse and office space could be leased to multiple tenants. He also said the building could be expanded.

For full article, click here.