Terreno Realty has paid Canaan Trading $8.9 million for an industrial property in Medley.
Terreno, which owns industrial real estate in six major U.S. markets, already has two properties in Medley, according to its website. The latest acquisition is an 85,000-square-foot building that sits on a 4.7-acre lot at 11205 Northwest 131st Street. The property is located next to the Florida Turnpike along Okeechobee Road and is 100 percent occupied, according to GlobeSt.com. The class A building offers 20 dock-high and two grade-level loading positions.
CBRE vice president Devin White represented Terreno. “With Doral buildings getting priced out for most investors, Medley has become a clear pursuit for the institutional-quality assets,” White told GlobeSt.com. White said the purchase was in the works for over a year. [GlobeSt.com] – Chris Guanche