California-based REIT Terreno Realty Corp has filed an eviction proceeding against Banah International Group, its tenant on 10th Avenue in Hialeah, FL, for failure to pay December 2012 and January 2013 rent.
Terreno has written off $1.1 million in deferred rent and approximately $0.4 million related to leasing commissions.
According to an October 2012 article on MiamiHerald.com, Banah moved into its 300,000 square foot headquarters at 215 S.E. 10th Ave in early 2012 after securing $400,000 in tax breaks from the State of Florida and other local economic development departments. Miami-Dade Co. also renamed part of Southeast 10th Avenue after the company – Banah Sweet Way.
The company is owned by an ex-cocaine trafficker, according to miaminewtimes.com, which reported in November 2012 that All-American Containers won a $208,000 judgment against Banah Sugar for failure to pay $184,000 for containers it purchased to package its products. The website also reported that Banah Sugar’s former landlord, as well as its former CEO, a bank, and another vendor had also filed suit against the company.
After Banah signed its 300,000 square foot lease with Terreno in late 2011, bizjournals.com reported that it was an 11-year deal valued for as much as $20 million. It was listed as one of the publication’s top leases in South Florida for 2011.