Terreno Realty sells industrial property in Miami Lakes for $22m

Terreno Realty, a California-based real estate investment trust company, has divested an industrial property located in Miami Lakes, Florida for around $22.2 million to an undisclosed party.

The sold property comprises an industrial distribution building containing nearly 192,000 square feet and spread on 13.2 acres at 14100 NW 60th Avenue which is fully leased to a tenant.

Terreno Realty acquired the industrial property in December 2010 for about $7.8 million. The real estate investment trust company said that the unleveraged internal rate of return delivered by the investment was 7.4%.

The real estate investment trust company is engaged in acquiring, owning, and operating industrial real estate across six major coastal US markets that include Los Angeles, San Francisco Bay Area, Northern New Jersey/New York City,  Seattle, Washington, D.C., and Miami.