Terreno Realty acquired a 98,000-square-foot industrial warehouse in Hialeah Gardens, Florida for $56.3 million. The property occupies 16.8 acres at 10910 Northwest 144th Street, positioned at a prime intersection where Florida's Turnpike meets Okeechobee Road.
The building features 36-foot ceilings and nine dock-high doors, specifications that make it suitable for last-mile logistics and regional distribution operations. Its location near major highway infrastructure gives tenants direct access to South Florida's consumer markets and port connections.
For industrial investors, this deal signals continued strength in Miami-area warehouse markets. The per-square-foot valuation of roughly $574 reflects Miami's premium positioning as a logistics hub for Caribbean and Latin American trade. Terreno Realty, a publicly traded REIT focused on industrial real estate in the U.S. Southwest and Southeast, has been expanding its Florida footprint to capture demand from e-commerce operators and third-party logistics firms.
For tenants, the property's dual-door loading capacity and high clearance support modern supply chain needs. Single-tenant industrial buildings in this class typically command $0.50 to $0.65 per square foot in annual lease rates across South Florida, depending on tenant credit and lease length.
Local landlords benefit from sustained investor appetite for warehouse space. The Hialeah Gardens location taps into regional distribution demand driven by Miami's port activity, international trade flows, and dense local population centers. Sellers have maintained pricing discipline as institutional capital continues bidding on logistics assets with strong location fundamentals.
This acquisition fits Terreno Realty's strategy of acquiring single- and multi-tenant industrial properties leased to creditworthy operators. The purchase adds portfolio diversification in Florida's core logistics market, where supply remains const