Transwestern Negotiates Long-Term Lease on Behalf of Terreno Realty Corporation
January 04, 2023
MIAMI – Transwestern Real Estate Services (TRS) has negotiated the 10-year lease of a 6.72-acre industrial property with a 55,000-square-foot warehouse at 8050 NW 90th St. in Medley, Florida, for a North American provider of equipment rentals. Transwestern’s South Florida industrial team of Carlos Gaviria, Ben Eisenberg, Walter Byrd, and Thomas Kresse represented the owner, Terreno Realty Corporation (NYSE: TRNO), in the transaction.
This was the only property available in South Florida of this size and amount of additional land in one contiguous site,” said Gaviria, a Vice President at Transwestern. “Subdividing the property offered several potential leasing scenarios. However, the tenant realized the utility and advantages of occupying the full site, creating a win-win for the tenant and owner.”
Earlier this year, Transwestern represented Terreno in purchasing the asset for $20 million, or $2.97 million per acre.
Transwestern’s South Florida Industrial team provides creative solutions that maximize real estate value through a sophisticated and proven methodology that helps meet and exceed financial objectives. With nearly 100 years of combined experience, the team uses deep market knowledge and industry expertise to uncover hidden opportunities and capitalize on shifting market dynamics.
Patrick Conness of Conness Crissy Real Estate Advisors represented the tenant in the lease transaction.
About Terreno Realty Corporation
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C. Additional information about Terreno Realty Corporation is available on the company’s website at www.terreno.com.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, investment management, and opportunistic endeavors for high-net-worth investors. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.