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Terreno Closes 2024 with Major Purchases in Florida and New York

It has invested $195.6 million in Doral and $156.3 million in Brooklyn.

By Erika Morphy | December 31, 2024 at 06:31 AM

On December 27, Terreno Realty sealed the deal on Terreno Doral Air Logistics, a sprawling industrial complex in Doral, Fla., for a hefty $195.6 million. This acquisition marks something of a departure from the company’s typical purchasing patterns, venturing into higher-value territory. The property, spanning 23.4 acres, boasts three industrial distribution buildings with a combined space of approximately 495,000 square feet. Its location at 7725-7785 NW 41st Street places it in the heart of a bustling logistics corridor, with immediate access to the Palmetto Expressway and close proximity to the MIA Cargo Viaduct, Dolphin Expressway, and Miami International Airport.

The Doral property’s features include 36-foot clear height ceilings, 110 dock-high loading positions, and six grade-level loading spots. It also caters to the growing demand for electric vehicles, offering 528 parking spaces, including 11 with EV charging capabilities. Currently at 76% occupancy with six tenants, the property presents an opportunity for growth, with an estimated stabilized cap rate of 4.6%.

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