Terreno Realty Corporation has dropped about $56.3 million on a nearly 98,000-square-foot distribution building at 10910 NW 144th Street in Hialeah Gardens, a custom-built warehouse that came fully loaded with a major e-commerce tenant already in place.
The real estate investment trust said it closed on the property June 17, 2026, and noted that the site spans roughly 16.8 acres tucked beside Florida's Turnpike and Okeechobee Road. The building features nine dock-high and six grade-level loading positions, parking for 596 cars and an estimated stabilized cap rate of 5.0 percent, according to Terreno Realty Corporation.
Local commercial real estate coverage reports that Clarion Partners and Cadence Development sold the asset and that the building was delivered as a build-to-suit in 2022 at an estimated development cost of about $22 million. That same reporting identifies Amazon as the tenant, per ConnectCRE, which cites the South Florida Business Journal.
Commercial property listings peg the site at roughly 97,857 rentable square feet and list the address as 10910 NW 144th St in Hialeah, with the building marketed as a recently delivered facility. Those details appear in materials on LoopNet.
Why Terreno Is Betting On Hialeah
Terreno has been quietly bulking up across Miami. Company disclosures show it finished Countyline Building 34 in Hialeah earlier this year, and the REIT now controls hundreds of infill industrial properties across six coastal U.S. markets. Its recent filings detail an expanding Miami portfolio that includes multiple Hialeah developments and acquisitions, according to the U.S. Securities and Exchange Commission.
Clarion Partners, the seller in this deal, lists $72.6 billion in assets under management on its website, a reminder that large institutional players are still actively pruning and reshuffling industrial holdings as market conditions move. That kind of institutional scale helps explain why specialized build-to-suit properties change hands among niche owners, according to Clarion Partners.
The trade underscores steady investor demand for infill logistics properties in South Florida that are leased to e-commerce users, and the tight yields that come with them. With the cap rate hovering near 5 percent on this acquisition, buyers are still paying up for modern distribution space parked next to the highway corridors that feed greater Miami.
