Terreno Realty bought three warehouses in Doral for $195.6 million, marking one of last year’s top industrial deals.
The Bellevue, Washington-based firm bought the buildings that span 495,000 square feet on a 23.4-acre site at 7725-7785 Northwest 41st Street, according to a Terreno news release. Santa Monica, California-based GLP Capital Partners is the seller, records show.
The campus, now called Terreno Doral Air Logistics, is 76 percent leased to six tenants, the release says.
GLP Capital, led by CEO Ming Mei, developed the buildings after scoring a $64.2 million construction loan in 2021. The project was completed in 2022, according to records.
Led by co-founders W. Blake Baird and Michael Coke, Terreno is an industrial investment and management firm with a portfolio spanning 18.3 million square feet as of the third quarter, its website shows. It focuses on South Florida, New York, north New Jersey, Los Angeles, San Francisco and Washington, D.C.
Terreno also has developed industrial buildings at Countyline Corporate Park in Hialeah, including warehouses at 3761 West 112 Place and 11210 West 43rd Avenue.
Its recent purchase, which closed late last month, ranks as the fourth biggest industrial deal in South Florida last year.
South Florida’s industrial investment sales have continued, despite elevated interest rates and some market softening. In the third quarter, Miami-Dade County landlords dropped the average asking rent for warehouses to $16.42 per square foot from $17.16 a square foot during the same period of 2023, while the county’s industrial vacancy crept up to 4.9 percent from 2.6 percent in the third quarter of 2023.
In last year’s top deal, Longpoint Realty Partners dropped $331.3 million in November for a 10-property portfolio with 26 warehouses in Coconut Creek, Dania Beach, Delray Beach, Hollywood, Miami Gardens and Miami Lakes. This was followed by Elion Partners’ $205.5 million purchase last month of five warehouses in Sunrise, and by Ares Management’s $147 million purchase in October of a four-building complex at 9675 Northwest 174th Street in Miami Lakes.