Terreno Realty Exits Miami Industrial Property for $21.3M
Event summary
- Terreno Realty sold a 113,000 sq. ft. industrial distribution building in Miami for $21.3M on August 26, 2026.
- The property was acquired in 2012 for $8.9M, yielding an 11.1% unleveraged IRR.
- The asset was 100% leased to a single tenant at the time of sale.
The big picture
This sale represents Terreno's continued focus on high-barrier coastal markets, where industrial demand remains strong. The 11.1% IRR demonstrates successful execution of their value-add strategy, though the exit comes amid rising interest in secondary industrial markets. The $21.3M sale price suggests continued investor appetite for stabilized assets in Miami's logistics hubs.
What we're watching
- Portfolio Optimization
- How Terreno's sale of this mature asset reflects broader portfolio rotation strategy.
- Market Timing
- Whether this transaction signals peak pricing in Miami's industrial sector.
- Capital Redeployment
- The pace at which proceeds will be reinvested in higher-growth coastal markets.